MILAN — Prada named two new key executives as it reorganizes its corporate structure after chief financial officer Riccardo Stilli’s resignation last month.
Prada said Carlo Mazzi, a former banker with Sanpaolo IMI, already has started at the company as coordinator for a number of areas including finance, administration and control, legal affairs, human resources and information technology. Mazzi also sits on Prada’s board.
Donatello Galli, who also has past banking experience at Sanpaolo IMI, will start as director of administration and finance in December.
In another development, Prada named former Gucci Group corporate communications director Tomaso Galli to be director of communication and external relations starting in January. He succeeds Giacomo Ovidi, who will become director of a company that will develop the Luna Rossa brand through a partnership with Telecom Italia. (Luna Rossa is the name of the World Cup competitive boat owned by Prada chief Patrizio Bertelli.)
Financial sources pointed out that Mazzi is a close friend of Bertelli’s and provides a link to Italy’s banking system. A pool of Italian banks — Banca Intesa, Unicredito Italiano, Banca Popolare di Lodi and Centrobanca — are guaranteeing Prada’s 700 million euros, or $893.7 million at current exchange, worth of convertible bonds due next year, a deal in which the company pledged 60 percent of its capital as collateral.
Investors and industry experts want to see if Prada will finally carry out an initial public offering and become a public company after three postponed attempts. Prada has said it wants to go public before the convertible bonds are due in June, but only if market conditions permit.
Stilli’s departure, as well as last week’s disclosure that Jil Sander left her Prada-owned company for the second time in four years, renewed some market skepticism that Prada will still carry out an IPO. Stilli, a long-term Prada employee, was considered a critical part of the management team and the IPO project. The prospect of a Jil Sander without Sander — especially after Milan Vukmirovich’s rocky stint as designer in her first absence — is already rattling fashion observers.
Prada is going with an internal design team approach for Jil Sander. Retailers have expressed a mixture of frustration and bewilderment over this tactic. There is also speculation that Prada could eventually hire a marquee name to design the collection. Names such as Lanvin’s Alber Elbaz and Narciso Rodriguez have surfaced in industry circles as potential candidates, although it’s seen as highly unlikely either designer would sign on. A Prada spokesman declined to comment specifically on any designer names, reiterating the company statement on the group approach.“The creative direction is with an internal team whose experience has been consolidated within the company for the past few years,” a Prada spokesman said.
In the meantime, a Jil Sander spokeswoman has said the label is still set to show a fall-winter 2005-2006 men’s collection on the Milan runways in January.
— With contributions from Miles Socha, Paris,and Courtney Colavita
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)