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Prada Heir Lorenzo Bertelli Will Have Strategic Role at Versace as Executive Chairman
Lorenzo Bertelli will lead Versace as executive chairman following Prada Group's €1.25 billion acquisition, aiming to boost the brand’s underperforming potential, Versace accounts for 20% of Capri’s 2024 revenue.
- The Prada Group confirmed Thursday that Lorenzo Bertelli will become executive chairman of Versace after completing its 1.25 billion-euro deal in the coming weeks, following his announcement Wednesday.
- In April, the Prada Group announced it will buy Versace from Capri Holding, aiming to combine Versace's 'sexy silhouettes' with Prada and Miu Miu's differing aesthetics, estimating Versace to make up 13% of pro‑forma revenues.
- Bertelli, 37, has been Prada Group's marketing director since 2019 and head of corporate responsibility since 2020, and he said he expects limited changes at Versace during the first year.
- The Prada Group reported revenues of 5.4 billion euros last year after a 17% boost, while Versace accounted for 20% of Capri Holding's 2024 revenue of 5.2 billion euros.
- Uniting Versace with Prada and Miu Miu will create a striking mix, as Bertelli said Versace is 'much bigger than the revenue that it is generating' despite integration challenges.
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Prada heir Lorenzo Bertelli will have strategic role at Versace as executive chairman
MILAN (AP) — Prada heir Lorenzo Bertelli will have a major strategic role as executive chairman of Versace after the Prada Group completes its 1.25 billion-euro ($1.4 billion) deal to buy its rival, expected in the coming weeks, the Prada Group confirmed Thursday. Bertelli, 37, has been previously announced as the future leader of the Prada Group, where he has been marketing director since 2019 and head of corporate responsibility since 2020. Th…
·Albuquerque, United States
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Coverage Details
Total News Sources15
Leaning Left7Leaning Right1Center5Last UpdatedBias Distribution54% Left
Bias Distribution
- 54% of the sources lean Left
54% Left
L 54%
C 38%
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