Prada’s CEO and husband to Miuccia talks about the group’s growth.
We have now been enlightened as to why Prada purchased a Milanese pastry shop, aside from a taste for croissants. The famed Marchesi patisserie will show up as shop-in-shops in Prada stores, part of the company-wide expansion strategy. It’s also a genius solution to mid-spree fatigue: keep customers in store but well fed.
Patrizio Bertelli, CEO of The Prada Group, spent four hours talking to investors and the press about the plans for the business, reports WWD.
Profits for the year ending January 31 reached €627.8 million, while revenues were up to €3.58 billion.
Despite Miuccia (and by default Bertelli) being named as one of the wealthiest people in the world, her husband is insistent that those kinds of rankings don’t motivate them. “I have never worked to be famous. Wealth is not an objective, it’s secondary. Intellectual freedom distinguishes us, our mentality that is not in line with banality.”
“I dedicate 60 percent of my time to product,” said Bertelli. “That has not changed over the years — product is the starting point and finance comes after. I never want to lose sight of this and I strive to remain curious, if you take curiosity and imagination away, there’s no use for people like me.”
Or Mrs. Prada for that matter, who, says Bertelli, is really only competing with herself. “She has two separate work groups, from commercial to product and retail, and Miu Miu is the true competitor of Prada. The best fun is when Miu Miu competes with Prada.”
The Group is also planning to expand on the Car Shoe brand and Church’s, with the latter looking to grow into ready-to-wear and accessories, all made in the UK.
Bertelli also discussed Miuccia’s move from chairman to joint-CEO. “Holding the role of president was too time consuming for Miuccia. She has always been co-CEO, it was just made official. She is my right hand in this function and she is the boss in style.”
Indeed she is.