Prada not looking at M&A, sees ‘positive surprise’ from US, CEO says

By Thomson Reuters May 20, 2024 | 3:53 AM

VENICE (Reuters) – 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.

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.

(Reporting by Elisa Anzolin; Editing by Giulia Segreti/Keith Weir)