After turning a modest leather goods shop in Milan into a $19 billion global luxury powerhouse, Miuccia Prada and Patrizio Bertelli are preparing for the future by focusing on a structured succession plan for Prada SpA. Their eldest son, Lorenzo Bertelli, has already taken significant steps in the business, holding ownership stakes and leading both marketing and sustainability initiatives to gain hands-on experience.
Succession is a critical, often delicate issue for Italian family-run brands. Founders who are still heavily involved rarely begin these transitions early. However, Miuccia (76) and Patrizio (78) intend to secure Prada’s future by keeping it independent—a formidable challenge as global luxury giants like LVMH and Kering continue to acquire high-end brands. Recently, LVMH acquired stakes in Moncler and took Italian shoemaker Tod’s private, while Kering has secured major names like Gucci, Bottega Veneta, and Valentino, meaning much of Italian luxury faces decisions made abroad.
To protect Prada’s independence, Miuccia—known internally as “La Signora”—has transferred almost all of her shares in the family’s primary holding company, Ludo SpA, to Lorenzo. Her younger son Giulio, who is currently not involved in the family business, received the remainder. While Patrizio has yet to mirror this move, he has expressed full support for Lorenzo’s role, remarking that the timing of handing over the reins will ultimately be up to him. In 2021, Patrizio hinted that Lorenzo might be ready within about three years.
Today, Lorenzo stands as a significant player in the company, holding key roles such as Chief Marketing Officer and Head of Corporate Social Responsibility. But even with his experience, leading Prada won’t be easy. The luxury sector has changed since Miuccia first took Prada to new heights. Demand in China—once a driver of luxury growth—has slowed, and massive investment is now essential to stay competitive. Recently, Prada invested over $800 million to expand its presence on New York’s Fifth Avenue, which shows the high stakes as they seek prime real estate and brand visibility.
The company has seen strong performance in its Miu Miu brand, with sales doubling in recent quarters and continuing to grow globally. Analysts project that Miu Miu could potentially double annual revenue to €2 billion, further securing Prada’s market position. Lorenzo has been credited with much of the recent progress, supported by a team of trusted luxury experts, including Co-Creative Director Raf Simons (formerly of Dior) and CEO Andrea Guerra.
In Italy, succession planning is far from the norm for brands established during the post-war economic boom of the 1960s and 1970s. Founders like Giorgio Armani and the late Leonardo Del Vecchio of Ray-Ban owner EssilorLuxottica SA have left their heirs navigating complex succession landscapes. But Miuccia and Patrizio are committed to preserving the “Prada-ness” of their brand. Known for her forward-thinking, Miuccia embraced youthful collaborators and innovative designs like the iconic nylon backpack of the 1980s. This spirit of collaboration and the ability to evolve will be essential as Prada moves into its next era.
Marc Jacobs, the American designer, once noted that Miuccia has a talent for choosing collaborators who not only reflect her aesthetic but also bring youthful energy to the brand—a quality that will be vital as Lorenzo and his team navigate the future of Prada.
