‘Optimistic’ of Prada Milan listing, says fashion conglomerate’s heir

The heir to the Prada fashion empire said rising geopolitical tensions have prompted plans to list in his homebase of Milan to maintain “bridges” between Europe and China more than a decade after going public in Hong Kong .

The Financial Times first reported last year that the $19.3 billion conglomerate, which owns brands including Prada, Miu Miu and Church, was looking to tap European investors to dual list, but the process was delayed by initial regulatory hurdles. Is. Prada listed shares in Hong Kong in 2011.

Speaking at the FT’s Business of Luxury summit in Monaco, Lorenzo Bertelli said he was “optimistic on a dual listing, even if nothing has been decided yet”, without elaborating on timing.

“When we listed there (in Hong Kong) we saw it as a way to connect Europe to Asia, now we see it as a way to build a bridge between East and West at a time of rising global tensions (dual listing in Milan) ) Let’s see,” said Bertelli, 35.

European luxury groups are benefiting from rising sales in China following Beijing’s decision to lift all Covid-19 restrictions. But he is facing calls from European leaders such as EU Commission President Ursula von der Leyen to “de-risk” his business in the country amid greater tensions over Taiwan’s fate.

Bertelli said he also saw the dangers associated with growing inequalities within China. “The greatest risk to luxury is the enormous social tension between rich and poor,” he said of China as well as Western markets.

People close to the family have said that Bertelli, who heads corporate social responsibility at the conglomerate founded by his parents Patrizio Bertelli and Miuccia Prada, has been an important adviser to his parents on strategic decisions over the years.

Bertelli, who has worked for the group since 2017, said there was no doubt he would eventually succeed his father. “Whether it is three, four or five years from now, it doesn’t matter. (The family and the management) will recognize it when the right time comes,” he said.

The former racing car driver was ready to take on the “challenge” but was under no pressure, he said. “When I was driving I put my life at risk so that was a different kind of pressure, I always know if you work hard the pressure is a little less because you know you have He has done his best.”

On Monday, he indicated that there was a heated discussion in the family about business. “My mother and I are Taurus, so is my brother and my father is Aries, so it’s quite a challenging environment,” Bertelli said. ,

Bertelli, who studied philosophy and has a passion for sport and politics, said he supported the recent appointment of chief executive Andrea Guerra so he could “learn from someone outside the family”.

Prada announced in January that Guerra, a former chief executive of eyewear maker Luxottica, would take over immediately to facilitate a succession transition from group executives Patrizio Bertelli and Miuccia Prada.

Patrizio Bertelli remains as group chairman, while Miuccia Prada is co-creative director of her eponymous brand alongside Raf Simons. The group has also appointed Gianfranco D’Atis, its first external chief executive of the brand.

Industry experts and investors see Lorenzo Bertelli as one of the few key figures in the Italian fashion industry who could create a domestic luxury conglomerate to compete with the likes of France’s Kering and LVMH.

“We are looking but when the time comes we will have to see what is left that makes sense for us to buy,” Bertelli said.

The heir to the Prada fashion empire said rising geopolitical tensions have prompted plans to list in his homebase of Milan to maintain “bridges” between Europe and China more than a decade after going public in Hong Kong .

The Financial Times first reported last year that the $19.3 billion conglomerate, which owns brands including Prada, Miu Miu and Church, was looking to tap European investors to dual list, but the process was delayed by initial regulatory hurdles. Is. Prada listed shares in Hong Kong in 2011.

Speaking at the FT’s Business of Luxury summit in Monaco, Lorenzo Bertelli said he was “optimistic on a dual listing, even if nothing has been decided yet”, without elaborating on timing.

“When we listed there (in Hong Kong) we saw it as a way to connect Europe to Asia, now we see it as a way to build a bridge between East and West at a time of rising global tensions (dual listing in Milan) ) Let’s see,” said Bertelli, 35.

European luxury groups are benefiting from rising sales in China following Beijing’s decision to lift all Covid-19 restrictions. But he is facing calls from European leaders such as EU Commission President Ursula von der Leyen to “de-risk” his business in the country amid greater tensions over Taiwan’s fate.

Bertelli said he also saw the dangers associated with growing inequalities within China. “The greatest risk to luxury is the enormous social tension between rich and poor,” he said of China as well as Western markets.

People close to the family have said that Bertelli, who heads corporate social responsibility at the conglomerate founded by his parents Patrizio Bertelli and Miuccia Prada, has been an important adviser to his parents on strategic decisions over the years.

Bertelli, who has worked for the group since 2017, said there was no doubt he would eventually succeed his father. “Whether it is three, four or five years from now, it doesn’t matter. (The family and the management) will recognize it when the right time comes,” he said.

The former racing car driver was ready to take on the “challenge” but was under no pressure, he said. “When I was driving I put my life at risk so that was a different kind of pressure, I always know if you work hard the pressure is a little less because you know you have He has done his best.”

On Monday, he indicated that there was a heated discussion in the family about business. “My mother and I are Taurus, so is my brother and my father is Aries, so it’s quite a challenging environment,” Bertelli said. ,

Bertelli, who studied philosophy and has a passion for sport and politics, said he supported the recent appointment of chief executive Andrea Guerra so he could “learn from someone outside the family”.

Prada announced in January that Guerra, a former chief executive of eyewear maker Luxottica, would take over immediately to facilitate a succession transition from group executives Patrizio Bertelli and Miuccia Prada.

Patrizio Bertelli remains as group chairman, while Miuccia Prada is co-creative director of her eponymous brand alongside Raf Simons. The group has also appointed Gianfranco D’Atis, its first external chief executive of the brand.

Industry experts and investors see Lorenzo Bertelli as one of the few key figures in the Italian fashion industry who could create a domestic luxury conglomerate to compete with the likes of France’s Kering and LVMH.

“We are looking but when the time comes we will have to see what is left that makes sense for us to buy,” Bertelli said.