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prada Lorenzo Bertelli’s successor as executive chairman will have a key strategic role versace The deal is expected to take place in the coming weeks after completing a 1.25 billion euro ($1.4 billion) deal to buy its rival, Prada Group confirmed on Thursday.
Bertelli, 37, was 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. Elder son of acclaimed designer Miuccia Prada And Prada Group President Patrizio Bertelli joined the group in 2017 as head of digital communications.
Bertelli made the announcement about his next role on the Italian-language Bloomberg Podcast on Wednesday.
He said he does not expect any major changes at Versace, at least in the first year after the acquisition is completed as he gets to know the company and its executive team. But he underlined that the 47-year-old fashion house was founded by the late gianni versace Is performing below its potential.
“The brand is much bigger than the revenue it generates,” Bertelli said, adding that Versace remains one of the top global fashion brands.
Prada Group announced a deal in April to buy crosstown fashion rival Versace from American luxury group Capri Holdings, bringing Versace’s sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven market.
Versace represents 20% of its current owner’s 2024 revenues of 5.2 billion euros.
In a presentation on the deal last spring, Prada estimated that Versace would make up 13% of the Prada group’s pro-forma revenues, with Miu Miu coming in at 22% and Prada at 64%. Prada Group, which also includes church and car shoe brands, reported a 17% rise in revenue last year to 5.4 billion euros.