Italian luxury group Prada is not looking at big acquisitions as it is focused on the brands it already owns, its Chief Executive Andrea Guerra said on Monday. Speaking at the FT Luxury Summit in Venice, Guerra added that he expected a positive surprise this year from the US market for the luxury sector, Reuters reported. "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 CEO - appointed in January 2023 to lead the company as the next generation of its founding family gets ready to pick up the reins - said he did not know when the change at the helm would take place.
Lorenzo Bertelli, one of the two sons of Prada's founders Miuccia Prada and Patrizio Bertelli, is expected to be appointed CEO after Guerra. In first quarter results published last month, Prada defied a slowdown across the luxury sector, reporting booming demand for its high fashion brand Miu Miu and continued growth in Asia. Luxury group Cartier-owner Richemont announced a rejig of its top management on Friday, promoting the head of its Van Cleef & Arpels jewellery brand to group chief executive, saying it was returning to a more traditional management set-up.
Nicolas Bos, who has led a sales surge at Van Cleef, will take over from Jerome Lambert, who will stay on at Richemont as Chief Operating Officer. The Swiss-listed company made the anno.
