MILAN -- With less than a month before Prada Group kicks off the road show for its highly anticipated initial public offering, chief executive officer Patrizio Bertelli is looking to beef up the company's board with executives from outside the Prada...
MILAN--With less than a month before Prada Group kicks off the road show for its highly anticipated initial public offering, chief executive officer Patrizio Bertelli is looking to beef up the company's board with executives from outside the Prada family.The move, designed to woo investors with more independent management, is fueling speculation that the company is also searching for a new ceo, who would report to Bertelli, in what could mean a seismic power shift at Prada's helm. Prada denied that rumor.As reported, Prada pushed back its IPO, with the road show slated to begin around July 1 and trading due to start in mid-July.A Prada spokeswoman was mum on possible contenders for the board, but she did say the group is looking to bring on independent members to boost credibility, better attract investors and improve transparency.A spokeswoman for Franco Bernabe, the former head of Italian oil giant Eni and telecom group Telecom Italia, denied speculation he is in talks to join the Prada crew. Another touted name, Franco Tato, the former chief executive of electric group Enel, was not available for comment.Andrea Paladini, an analyst with Centrosim here, said it would be wise for Prada to bolster its board to help give new shareholders a voice in corporate strategy. Having independent members would allow the board "to make strategic decisions with the approval of minority shareholders."Armando Branchini, vice president of luxury goods consultancy firm InterCorporate, declined to speculate on who the new board members could be, but he said that both Tato and Bernabe have considerable management experience behind them and in a variety of industries.On the possibility of Bertelli relinquishing control, Paladini said he thinks it's unlikely that Bertelli, quite the hands-on ceo, will give up power although such a move "could be appreciated by the market."Branchini concurred. He said it's not out of the question, but it will certainly take some time, given Bertelli's reputation as a head-strong executive known for being involved in every detail of the business."It could take another 10 years,"Branchini said. "Maybe 20 years."
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews