Prada heir Lorenzo Bertelli sails through luxury’s storms

One of the few groups defying luxury’s global downturn is the Hong Kong-listed Prada Group, 80% owned by Miuccia Prada and her husband Patrizio Bertelli’s Prada Holdings. Its latest H1 2024 earnings defied market trends with sales growing 18% YoY globally and 12% in Asia. “Even with the normal slowdown, China has become a little bit more complicated but still is, we believe, one of the strategic markets for the future, not just for our sector, but overall,” their 36-year-old son Lorenzo Bertelli tells Jing Daily. “I think we cannot change the market. We can just do better.” “We just need to be ready to face the challenges. But it’s the same for everybody. Everything goes through cycles. If you look at the history of humankind, there are more forward steps than backward steps. You need to zoom out,” he adds. “But I believe that China will come back stronger, and it’s just a moment.” Does being a family-run company help Prada maintain a sense of authenticity, which consumers are increasingly coveting? “I think, for sure, but it is more a matter of vision," Bertelli says. “And you see that when you have family-owned businesses, they tend to have a longer view approach and strategic approach to what they think today is fundamental in every sector.” The oft-hailed natural successor to the family business (which owns brands Prada, Miu Miu and Churches) currently holds the official titles of Head of Marketing and CSR at the Prada Group. But during the last few days of Paris Fashion Week, he is however less preoccupied with runways and more with racing. In Barcelona’s sunny Port Olimpic, Bertelli is watching the sleek “silver bullet” Luna Rossa Prada Pirelli sailboat competing in a nail biting 37th edition of the Louis Vuitton America’s Cup. But it’s not just super star sailors, engineers and sailing fans in attendance. On site is the Ocean & Climate Village exhibit, created by Unesco’s Intergovernmental Oceanographic Commission and part of Sea Beyond initiative, supported by the Prada Group and the Luna Rossa, this educational exhibition merges ocean education with elite yachting. Central to the Village’s ethos is Sea Beyond’s education program, which has reached over 200 schools globally, all funded by Prada’s Re-Nylon fashion and accessories range. “Of course, nature is something that has always been close to our family, and the passion for the ocean is a family thing, so we’re passionate about it,” Bertelli says about the family’s environmental commitments and his own views as a member of the next generation. “Since I was a kid, I’ve been very sensitive to the global warming topic, and from then I’ve been very sensitive to environmental responsibility.” With approximately 1,000 attendees in its first six days, the Village offered workshops, virtual reality experiences, tactile activities, and visits aboard the Cassiopea, a restored sailing boat symbolizing Italian maritime heritage, scientific research and conservation. Unesco Director-General Audrey Azoulay visited alongside Luna Rossa team director Max Sirena and spoke about the urgent need to integrate ocean conservation with maritime pursuits. “Sea Beyond is an educational program to preserve the ocean.” Sirena said. “The America’s Cup is for boats that float and fly on the ocean; so I think there’s a strong correlation,” adds Bertelli. And with so many eyes on the race, the event is “a great opportunity to give visibility to Unesco’s vision and the Sea Beyond project.” Italian luxury and fashion houses have taken on a critical role in cultural preservation in recent years — see the Tod’s Group’s 25 million euros ($27.4 million) sponsorship of the renovation of Rome’s Colosseum or Fendi’s similar work with the Trevi Fountain, in addition to Panerai, Bulgari as well as Prada’s cultural and environmental sustainability efforts. From Bertelli’s perspective, it’s a coalition between public and private entities, and Prada Group’s business success gives the company and family a medium to do something different, “like the America’s Cup or The Fondazione Prada,” he says. “I think that whoever has more, has to give more. It’s our responsibility to be the example and to have the responsibility to have an impact on our society,” adds Bertelli.

Prada heir Lorenzo Bertelli sails through luxury’s storms

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Published October 11, 2024

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Prada heir Lorenzo Bertelli sails through luxury’s storms