MILAN – Prada Group’s managerial reorganization continues.
Gianfranco D’Attis is joining the Italian luxury group as the Prada brand’s new chief executive officer, effective Jan. 2.
In a statement issued Tuesday, the group said D’Attis “will be in charge of the strategic development of the Prada brand in every market. His proven experience in the luxury sector, with a specific focus on retail, will help Prada to increase its growth potential in all geographies.”
D’Attis was named managing director of Christian Dior Couture North America in April 2019 and had relocated to New York from Geneva. Earlier, he was international managing director of Jaeger-LeCoultre.
He holds a bachelor’s degree from Zurich Graduate School of Business Administration and completed his education by attending the Senior Executive Program at Columbia Business School in New York.
Last week, as reported, Prada set in motion its succession plan, putting an end to growing speculation about the management and design handover at the Italian luxury company. Former LVMH Moët Hennessy Louis Vuitton senior adviser and former Luxottica CEO Andrea Guerra will be recommended as CEO at the next board meeting on Jan. 26.
At the annual shareholders meeting for the approval of the 2022 financial statements, Patrizio Bertelli, who shares the CEO role with his wife Miuccia Prada, will be recommended as chairman and current chairman Paolo Zannoni will be suggested as executive deputy chairman of the board of directors of Prada SpA and, at the same time, chairman of Prada Holding SpA.
D’Attis will report to the group CEO, so first to Patrizio Bertelli and then to Guerra. The appointment signals a further change in the structure of the group. While Benedetta Petruzzo has been helming the Miu Miu brand as CEO, Bertelli and Miuccia Prada were co-CEOs of the group and of the signature brand.
Guerra is expected to ease the transition to Lorenzo Bertelli eventually becoming the future leader of the group. The son of Patrizio Bertelli and Miuccia Prada has increased his responsibilities and been a driver of change since joining the company in 2017. He was named group marketing director in 2019 and, additionally, head of corporate social responsibility in 2020. In May 2021, he joined as a director of the board.
As reported in March, Prada returned to profitability in 2021 after a strong second half, driven by increased sales of handbags, footwear and ready-to-wear, which saw a 53 percent jump in revenues compared with 2020 and a 16 percent increase on 2019.
In the first half of fiscal 2022, the group smashed projections.
Retail sales, which account for 90 percent of group revenue, rose 26 percent to 1.7 billion euros, while overall revenue for the period was up 22 percent to 1.9 billion euros.
The gains came from double-digit increases at all the group’s brands, and all the main product categories and geographic regions.
Net income nearly doubled to 188 million euros.