Prada doesn’t see M&A, but sees ‘positive surprises’ in US, CEO says By Reuters

VENICE (Reuters) – Italian luxury group Prada (OTC:) is not considering major acquisitions as it focuses on brands it already owns, CEO Andrea Guerra said on Monday.

Speaking at the FT Luxury Summit in Venice, Guerra added that he expects positive surprises for the luxury segment in the US market this year.

“I am cautiously positive about the United States. I think Prada has a connection with the American consumer, but maybe we are a little undervalued as a business there, so we have some work to do.” He added:

The CEO appointed to lead the company as the next generation of the founding family prepares to take the helm in January 2023 said he did not know when a management change would occur.

Lorenzo Bertelli, one of the two sons of Prada founders Miuccia Prada and Patrizio Bertelli, is expected to succeed Guerra as CEO.

In its first-quarter results released last month, Prada reported surging demand for its luxury fashion brand Miu Miu and continued growth in Asia despite a slowdown across the luxury sector.