By Lisa Jucca

VALVIGNA, Italy (Reuters) – Lorenzo Bertelli, the eldest son and heir designate to Prada (OTC:)’s Chief Executive Patrizio Bertelli, vowed to keep the family-controlled luxury fashion group independent when he takes the reins https://www.reuters.com/business/pradas-ceo-says-could-hand-over-reins-son-3-yrs-time-2021-11-18 in a few years, he told Reuters.

Lorenzo Bertelli (33-year-old former rally driver) is Prada’s current marketing chief. He has helped to boost the group’s online business which, from 2% prior to the pandemic, will account for 15%.

At an investor presentation https://www.reuters.com/business/retail-consumer/prada-sets-45-bln-euros-revenue-goal-boost-e-commerce-2021-11-18 last week, his father officially crowned him as his successor, saying he could hand over to him in three to four years.

Patrizio Beretta described Lorenzo, a “key component in the turnaround” of the group that he and Miuccia Prada (top fashion designer) put into place earlier in the year to revive sales.

Prada has become a target for rivals because of its revamp strategy. It has reduced wholesale prices and eliminated mark-downs to move upmarket.

Lorenzo Bertelli stated that, unlike his father Lorenzo Bertelli also said that the Hong Kong listed group, in which the family owns an 80% interest, was not available for sale.

“This is a question that my parents ask, but it’s mine,” he replied in an interview. He was asked if he wanted the group to remain in his hands by the family.

“I can’t see the other way, because I still have a long road ahead. So I need to make a change in my life. Speaking at Valvigna’s prototyping and industrial centre, he said, “So I want to be independent.”

However, he said that while there weren’t any opportunities at the moment, “tomorrow will not be known.”

He dismissed the possibility that the main brands of the group – Prada, and the line younger, Miu Miu, – might be sold on Amazon.com (NASDAQ.). The company is trying to attract prestigious luxury labels to its platform.

He stated that they tried Car Shoe (one of our smaller brands) to give it a shot. “We do not believe Amazon is yet ready to handle larger brands at this time… At the moment, we don’t see Prada and Miu Miu on Amazon.”

He said instead that Prada might be interested in buying a share in an e-commerce joint venture Cartier-owner Richemont has been discussing with Farfetch, which is listed on the NYSE:).

Richemont stated earlier in the month that it had been in advance talks with Farfetch to sell it a minor stake in Yoox Net-a-Porter’s online business (MI:). The company said it will also be inviting other companies to join YNAP in making the platform an industry-wide one with no controlling shareholder.

Bertelli indicated that direct investments in the platform might be possible.

Last week the group revealed a medium term goal: to raise its operating margins to 20% from sales. It is below its larger competition like Gucci, Louis Vuitton and Gucci.

Bertelli stated that the group may return to this level of profitability in the future. Bertelli said Prada would rather set realistic goals than try to achieve too many and end up disappointing.

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