Miuccia Steps Down As CEO: What’s Next For Prada?
It is undeniable that Prada, and more specifically sister company Miu Miu, are currently indulging in a state of bliss being more prevalent among young crowds than ever with Lyst naming Miu Miu the fashion brand of 2022. The now 73-year-old Miuccia Prada took over her family’s namesake leather goods company in 1978 and created the beloved fashion house we all adore today. Under Miuccia, the company took Helmut Lang, Jill Sander and Azzedine Alaïa under its wing.
Figures for both brands have been looking good, with 2021 bringing in 3.32 million Euros for Prada, currently under the Creative Direction of Raf Simons. A steady rise year on year.
Whiffs and rumours of possible changes at the company began to circulate last month when Raf Simons announced the closure of his namesake fashion house after 27 years, with many speculating this is happening to allow him to dedicate his time to his work at Prada. Today, Prada announced that Miuccia Prada, as well as her husband, will be stepping down as co-CEOs of the Prada Group. However, Miuccia will continue as creative director of Miu Miu and co-creative at Prada alongside Raf Simons.
Miuccia Prada and husband Patrizio Bertelli.
Image Giorgio Perottino
The Prada Group has also announced its intentions on naming a new CEO for the Prada label. Rumours are circulating that Gianfranco d’Attis, CEO of LVMH’s Dior Couture, as a possible candidate but Prada is, unsurprisingly, yet to confirm any of this.
What this means for the future of the company is still uncertain. A new CEO or set of CEOs will need to be found with the Business of Fashion citing Andrea Guerra, former CEO of Luxottica, as a highly possible candidate. One thing is for certain, they will choose carefully with the aim of pleasing investors and, of course, Miuccia herself who will surely have a strong input on this initial decision.
There was always going to be a time when Miuccia would have to begin scaling back her work and therefore influence on the brand, however, by staying on as the creative director at Miu Miu and co at Prada it’s clear that she won’t be stepping back completely, at least not just yet.
