Lorenzo Bertelli, the son of Miuccia Prada and her husband Patrizio Bertelli, is set to join Prada’s board on May 27. Shareholders will also be expected to vote on a new chairman then, with Carlo Mazzi set to exit the role.
Prada sent a notice to the Hong Kong Stock Exchange convening a shareholders’ general meeting for May 27, along with a list of members that will be proposed for the renewal of the board, which will be between nine and 11 members set to serve for three fiscal years. Miuccia Prada Patrizio Bertelli, who serve as co-CEO’s, have said they intend to be re-elected directors of the company. Their son Lorenzo has been group marketing director since 2018 and head of corporate social responsibility since 2020. In his current role he oversees Prada’s communications strategy and the development, innovations, and sales analysis of the retail Channel for not only Prada, but the group’s other brands including Miu Miu, Car Shoes, and Church’s.
Like most fashion brands, Prada was dealt a blow by the COVID-19 pandemic, but the brand already began seeing turnaround in May. By the fall/winter period, the company had reached full retail recovery. Prada’s e-commerce growth has also benefited the company’s bottom line with sales tripling from 2019 levels. For the 12 months ending December 31, revenues totaled 2.42 billion euros.