Lorenzo Bertelli from Prada on the sequel
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He’s the son of Miuccia Prada and Patrizio Bertelli – nice footwear to fill. However Lorenzo Bertelli, 32, a former rally driver, realized as rapidly because the vehicles he had as soon as pushed and emerged in a central advertising and company social accountability function at Prada Group.
Bertelli, who joined his mother and father’ firm in 2017, has huge plans for Prada. The present checklist features a potential shift to resale, aligning profitability and sustainability, and assembly a broader shopper base with a brand new emphasis on open dialogue, led by Prada’s new co-creative staff, Miuccia Prada. and Raf Simons.
“The technique is to be able to take the enterprise [forward] when everybody comes again to standardization as a result of we will see as quickly as they open they’re hungry to spend their cash, ”says Bertelli, chatting with Vogue Firm from his residence in Milan through Zoom.
He sits in entrance of a wall of crusing memorabilia, watercolors and boat hull line drawings. Strict quarantine measures prevented him from competing within the thirty sixth America’s Cup in Auckland, the place superyacht Luna Rossa Prada Pirelli is quickly to be a problem. It is irritating, however Bertelli is optimistic about Prada, predicting a steady second half for luxurious.
Bertelli has been in his advertising oversight tenure for over three years, with sustainability added extra lately. His tenure consists of the Miu Miu and Church’s and Automobile Shoe manufacturers, which report back to his mother and father, who’re co-CEOs.
Sustainability is on the coronary heart of his agenda – and sustainability, he says, would not require a sacrifice of profitability. He’s credited with implementing a nylon phase-out plan by the tip of this yr in favor of recycled nylon. “I feel Re-Nylon is proof that we will do one thing sustainable for our planet and make it related by way of income,” he says. “A very powerful message at this time is that the enterprise could be worthwhile and sustainable.”
Upcycled by Miu Miu, a set of classic clothes reworked and reworked by Miu Miu, was one other success that can proceed. Bertelli has additionally been engaged on a resale supply at Prada for over a yr and a half, which can be immediately owned by the corporate. “You will note one thing related from us sooner or later,” he says. “It took us a very long time to work on one thing that would work that wasn’t only a advertising message, one thing related.”
Going ahead, Bertelli says the “greatest sustainability problem” is decreasing carbon emissions, particularly throughout the provision chain. Encouraging suppliers to undertake sustainable supplies and power sources is essentially the most troublesome process. Extra authorities help would assist, he mentioned, whereas acknowledging that “it is huge, basic teams like us which might be driving this modification.”
Prada is on a roll proper now. In December, gross sales returned to pre-pandemic ranges, forward of the broader market. Regardless of the pressured retailer closings, the Prada group is anticipated to report a revenue of 10 million euros on 2.4 billion euros in turnover when its annual outcomes are launched this week, analysts estimate.
This efficiency has been praised by a mixture of strategic initiatives. They embody a want to scale back wholesale and cut back markdowns, in addition to a want to achieve native clients with a mixture of new, sustainable merchandise like Re-Version luggage. There was additionally the launch of a high-profile new period of co-creative path supported by Lorenzo’s advertising acumen.
Excessive on the precedence checklist these days, the younger inheritor has responded to the pandemic with a brand new digital trend present format. This included influencer viewing evenings and post-show conversations with Ms. Prada and Simons talking candidly with college students and inventive business figures akin to Marc Jacobs, filmmaker Lee Daniels and DJ Richie Hawtin aka Plastikman.
Bertelli is delighted with the outcomes. “Individuals like to be part of the dialog, and the precise steadiness is to have interaction individuals within the dialog whereas maintaining it related and pleasing for individuals who aren’t that a lot concerned in trend,” he says. The emphasis on open dialogue resonated within the age of transparency – Prada’s social media metrics overtook rivals throughout trend month, Bertelli says. The technique will evolve to focus on a extra basic shopper all in favour of music, movies, tradition and sport.
This empathetic response to cultural temper has been famous by the model’s consultants. “The model is taking over new that means,” says Rebecca Robins, Head of Studying and Tradition at Interbrand. “Prada has created a sequence of actions which might be deeply in tune with the context during which we stay, which we see mirrored within the energy of the model.”
Prada Fall / Winter 2021.
Analysts had been additionally impressed with Prada’s concentrate on native clients in Western Europe and China in 2020. Bertelli notes the excessive prices of selling in China however praises the “open-minded” perspective of Chinese language customers. In Western Europe, he provides, “the buyer is in a far more knowledgeable of what he desires”. Success tales in Europe embody pop-up shops and new merchandise like Re-Version luggage. He is betting gender-neutral wearable units are again – an American Specific collaboration with architect Rem Koolhaas and artist Kehinde Wiley for a contactless bracelet is slated for later this yr.
Bertelli has proven a willingness to experiment with digital, given the shock launch of the Automobile Shoe model on Amazon luxurious shops. The posh sector has been cautious of the transfer, citing Amazon’s inexperience in luxurious and the specter of counterfeits – and even alleging that the platform might use model knowledge to make comparable merchandise cheaper. Bertelli explains that Automobile Footwear, which sells driving footwear for round $ 360, doesn’t have a retailer in america. The take a look at with Amazon’s luxurious shops, which shouldn’t be prolonged to different manufacturers within the Prada group, was merely seen as a “good alternative”. Elsewhere, digital advertising is the main focus. “We try to be extra related with extra digital content material within the second half of the yr as we anticipate the market to be extra steady.”
Lorenzo Bertelli represents the way forward for the Prada Group. Solely 20% of Prada SpA’s shares are listed, with the remaining 80% held by the family-owned Prada Holding SpA – the stakes are excessive for the eldest son (his brother, Giulio, is a yr youthful).
“For me, that is simply the beginning,” he says, trying to the subsequent few years. “It isn’t nearly advertising however about the entire (tradition) and having the ability to actually categorical this era… from our group to our shopper. After which, on the finish of the day, you wish to do higher by way of earnings. “
He doesn’t face any of the challenges forward. “I am a really aggressive individual,” he says, noting the aggressive pressures within the luxurious business. “I feel that is what makes it so thrilling.”
Study extra about this matter:
Prada’s new look: the analysis
Prada is the primary within the business to signal a sustainability mortgage
Amazon’s huge breakthrough in designer trend