Prada SpA hires former Luxottica head, Andrea Guerra, as new CEO, replacing duo Patrizio Bertelli and Miuccia Prada

Prada SpA of Italy said on Tuesday that it will choose former Luxottica CEO Andrea Guerra as its next CEO to assist in the transfer to the next generation of the founding family.

Patrizio Bertelli, the current CEO of the premium brand, will be chosen chairman at the annual shareholder meeting next spring. He will succeed Paolo Zannoni, who will be proposed for the position of executive vice chairman of the group and chairman of Prada Holding, the parent firm.

Current Co-CEO Miuccia Prada, age 73, will continue to serve as creative director of the Miu Miu and Prada brands, the latter with Belgian designer Raf Simons, and as a board member.


The fashion firm was planning to appoint Guerra for a senior management position to facilitate the succession of the Hong Kong-listed group established in Milan in 1913 as a leather goods store by designer Miuccia Prada's grandfather and his brother.

As CEO of Luxottica from 2004 to 2014, he managed a more than doubling of the company's revenues. Since 2003, Luxottica has produced and distributed eyewear under Prada and Miu Miu brands.



Prada Holding, which controls 80% of Prada group, will endorse Guerra, 57, as the next CEO during a board meeting on January 26.

He resigned from his position as CEO of the hotels' sector of luxury goods company LVMH (LVMH.PA) this year.

FAQs:

1. Who is the Owner of LVMH?
   Bernard Arnault is the Chairman and Chief Executive Officer of LVMH Mot Hennessy – Louis Vuitton, the largest luxury goods business in the world.
2. Does Prada own Gucci?
   Prada, which had bought Gucci shares, ultimately sold them to LVMH. LVMH stepped in to take up Gucci.