Prada, the Italian luxury business, is concentrating on growing its current brands rather than making major acquisitions, according to CEO Andrea Guerra’s statement. During his speech at the FT Luxury Summit in Venice, Guerra stated that he anticipated a pleasant surprise from the US luxury industry this year.
“I’m cautiously positive about the US. I think that Prada has a relationship with the American consumer, but maybe we have been a little bit under represented as a business there. So we’ve got homework to do,” he added.
The company’s CEO, who was chosen in January 2023 to assume the helm while the next generation of the founding family prepares to take over, stated he was unsure of when the change would occur.
Following Guerra, Lorenzo Bertelli, one of the two sons of Prada’s founders, Patrizio and Miuccia Bertelli, is anticipated to take over as CEO.
Prada overcame a slowdown in the luxury market last month when it revealed growing demand for its high-end brand Miu Miu and continuous development in Asia in its first quarter results, which were released.
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