“We are open to considering opportunities and always will be,” Bertelli Lorenzo
As prospects in the luxury market emerge, Prada is ready to consider purchases, according to Lorenzo Bertelli, the heir to the Italian wealthy family.
At the opening of a knitwear facility in Torgiano, Italy, on Tuesday, Bertelli told reporters, “We have been and will always be open to considering opportunities.”
In response to a question concerning a possible acquisition that might occur in the upcoming years, Bertelli—the son of Patrizio and Miuccia Prada—declined to remark in detail on Giorgio Armani SpA. Head of Prada’s social responsibility division Bertelli said he was unaware of founder Giorgio Armani’s business plan.
Last month, Armani made some vague allusions to potential changes to his Italian design empire upon his departure from the company. The soon-to-be ninety-year-old Italian design magnate stated to Bloomberg News back then that he wouldn’t rule out a merger for his fashion enterprise.
His comments fuelled speculation about the future of the Italian luxury industry, where many companies are still independent and family-controlled — including Salvatore Ferragamo SpA, Prada SpA, Moncler SpA, and Ermenegildo Zegna NV. All lack the scale of powerful, acquisitive French rivals LVMH Moet Hennessy Louis Vuitton SE and Kering SA.
Prada, for its part, has made a string of investments in manufacturing suppliers in Italy over recent years, as it works to increase internal production and shorten its supply chain.
The company remains committed to investing in Italy, Chief Executive Officer Andrea Guerra said at Tuesday’s event. By aggregating small suppliers, the company can provide needed scale and stability, he said.
Prada, the company that also owns Miu Miu, continued to beat its main competitors, as it revealed a surge in first-quarter sales last month.
The strong outcomes contrasted with a lackluster showing at French competitor Kering, whose flagship brand Gucci is looking to reposition itself in a more exclusive market.
