Italian luxury group Prada is not looking at big acquisitions as it is focused on the brands it already owns, its Chief Executive Andrea Guerra said on Monday.
In an earlier report, Marketing director, Bertelli shared “The Prada group is and will always be looking around for opportunities”. Prada was planning to invest around 70-80 million euros ($75-86 million) per year on industrial plants, a sum which did not include potential acquisitions to bring suppliers in-house, which are increasingly important for the group, CEO Andrea Guerra said in the earlier report. However, the brand will be taking another direction and solely look after the acquisitions it alreadyowns.
Speaking at the FT Luxury Summit in Venice, Guerra added that he expected a positive surprise this year from the U.S. market for the luxury sector.
“I’m cautiously positive about the US. I think that Prada has a relationship with the American consumer, but maybe we have been a little bit under represented as a business there. So we’ve got homework to do,” he added.
The CEO – appointed in January 2023 to lead the company as the next generation of its founding family gets ready to pick up the reins – said he did not know when the change at the helm would take place.
Lorenzo Bertelli, one of the two sons of Prada’s founders Miuccia Prada and Patrizio Bertelli, is expected to be appointed CEO after Guerra.
In first quarter results published last month, Prada defied a slowdown across the luxury sector, reporting booming demand for its high fashion brand Miu Miu and continued growth in Asia.
