Lorenzo Bertelli, son of Prada’s founders and heir to the fashion empire, is set to become executive chairman of Versace after the Prada Group finalizes its 1.25 billion euro ($1.35 billion) acquisition of the rival house. Bertelli, 37, who has been groomed as the future leader of his family’s company, revealed the strategic role on a podcast. He indicated that no major immediate shake-ups are planned at Versace, intending to spend the first year learning about the company. However, he stated the nearly 50-year-old brand has been “underperforming its potential,” adding that “the brand is much bigger than the revenue that it is generating.” The landmark deal brings Versace’s bold aesthetic under the same corporate roof as Prada’s “ugly chic” and Miu Miu’s youth-focused styles.