NEW YORK — Sebastian Suhl, Prada SpA’s chief operating officer, will take over the responsibilities of president and chief executive officer of Prada USA on an interim basis, effective Nov. 1, the Italian fashion house said Tuesday.
This story first appeared in the September 16, 2009 issue of WWD. Subscribe Today.
In that role, Suhl succeeds Graziano de Boni, who is leaving the company on Oct. 31 to join the newly formed Reed Krakoff division at Coach Inc. De Boni joined Prada last year, filling a job that had been vacant for two years following the departure of Constance Darrow.
Suhl, who will assume the role until a successor is named, takes over Prada’s U.S. region at a time of continued economic instability and a drastically reduced demand for luxury goods.
In late April, Prada SpA reported a 22 percent drop in earnings in fiscal 2008. For the 12 months through Jan. 31, net profits at the Italian fashion group, which owns the Prada, Miu Miu, Car Shoe and Church’s brands, fell to 98.8 million euros, or $144.2 million, from 126.8 million euros, or $173.8 million, in fiscal 2007. While the company did not break down revenues by brand or geography, it attributed the decline in wholesale revenues to the implementation of a selective distribution policy and weaker demand in the U.S. market.
In the continental U.S., Prada has 11 Prada boutiques, three Miu Miu shops and one Church’s boutique.