By
with contributions from Dyon Ang Zhi Jie
 on October 8, 2019

LONDON — That old cliché about family wealth — with the first generation making it, the second maintaining it and the third squandering it — may apply to many an entrepreneurial clan. But the scions of Europe’s biggest fashion and luxury houses, and especially the Millennial members of the family, haven’t been listening.

The twenty- and thirtysomething children of the Arnault, Prada, Bertelli, Zegna, Rupert and Cucinelli families, with their fancy academic degrees, cultural fluency and easy charm, aren’t out to simply maintain — or blow — the family billions. Instead, they’re all about enhancing it with their diplomatic and digital skills, sustainability strategies and insights into their peer group’s wants, needs, spending habits and priorities. Let’s face it, they’re already used to bossing around their often fat-fingered parents, grandparents, aunts and uncles when it comes to buying, selling, connecting and communicating via digital devices.

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