Milan—In a shuffle that relates more to the company’s stock market position in Hong Kong than to any type of power struggle within, Prada SpA announced late last week that its chairman Miuccia Prada Bianchi has stepped down as chairman and will join her husband. Patrizio Bertelli, as co-chief executive officer.
Prada Bianchi, who also serves as the company’s creative director, will reportedly continue to operate as usual.
Deputy Chairman Carlo Mazzi will replace Prada Bianchi as chairman of the company whose brand Prada was founded by her family in 1913.
Prada Bianchi, 65, “will concentrate on the day-to-day management of the business by devoting her time to guiding the further development of the group, mainly in the creative design and brands communications activities,” the company said.
Analysts speculated that little will likely change in the running of the company.
“This is just a formal move…to comply with the rules of the Hong Kong bourse,” said Bernstein analyst Mario Ortelli. “From an operational point of view, nothing changes.”
Last week Prada reported slowing quarterly sales growth as a strong euro and softening demand in Europe and Asia slowed sales growth. Revenue in the 12 months through January rose 9% to 3.59 billion euros (about $4.9 billion).
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