On paper, Lorenzo Bertelli holds the titles of chief marketing officer and head of corporate social responsibility at the Prada Group, which involves shaping its communications efforts, leading its sustainability projects and maintaining its cultural relevance along the way. But his influence reaches much further. As the eldest son of Prada’s co-creative director Miuccia Prada and its group chairman, Patrizio Bertelli, he represents the future of the Hong Kong-listed group, which consists of luxury fashion labels Prada, Miu Miu, Church’s and Car Shoe, as well as the beloved Milanese patisserie Marchesi 1824 and Italian sailing team Luna Rossa. And there have never been more questions being asked about the future of the business, given its outstanding growth trajectory over the past five years.

At a time when the industry at large is contending with significant sales slowdowns and price resistance, the Prada Group exceeded all expectations in the first half of 2024 by posting a 14 per cent uptick in sales, with net revenues reaching €2.55bn. Miu Miu, best known for its irreverent designs, achieved a 93 per cent year-on-year retail sales increase thanks in part to increased distribution, multigenerational runway castings and a long series of commercial hits, from tennis-inspired clothing to shoes designed in collaboration with the likes of Church’s and New Balance. That’s why all eyes have turned to Bertelli Jr and the question of what comes next keeps being posed by market analysts, investors and customers alike. Will he take over as ceo? Can he maintain momentum? Are there future acquisitions in the works or will the family cash in on its success by selling to one of the bigger fashion conglomerates? 

Time will tell, says Bertelli, who has by now learnt to dodge succession-related questions elegantly. Instead, he is maintaining his focus on the many projects that he is spearheading: scaling the new Prada fine-jewellery line that he helped to launch in 2022, overseeing all group marketing efforts and investing in the sustainability projects that will help to safeguard the company’s future. 

One of the schemes that he feels most passionate about is Sea Beyond, executed in partnership with Unesco and focusing on ocean-literacy education for children. The programme offers training sessions by Unesco climate experts to more than 35,000 secondary-school students and teachers from 56 countries, and holds an annual contest inviting the students to create campaigns promoting ocean preservation. This year, the group also worked with Philippe Starck to incorporate the Ideas Box he initially designed for Bibilothéque Sans Frontières into the Sea Beyond initiative: the mobile box containing everything from books to laptops and training materials, will travel the world and facilitate access to sea education for young people in vulnerable communities. 

Bertelli, a new father, meets monocle in Venice a few hours before going onstage to join a panel at the city’s Ocean Literacy World Conference. He speaks of the importance of investing in children’s education, establishing cross-generational dialogues and not always expecting instant results. 

“We always talk about the younger generations as though older people need to be thrown away,” he says. “But there is nothing stronger than the relationship between different generations. I have never seen bigger smiles on my parents’ faces than when they met my daughter for the first time.”

A philosophy graduate and former rally racer, Bertelli confidently dissects abstract topics and holds multilayered perspectives, much like his mother. He seamlessly moves from talking about the importance of optimism to fashion’s complex effects on society and the psychology of luxury pricing. At the same time, he maintains a sense of pragmatism that allows him to make swift business decisions, execute the kind of marketing strategies that propelled Miu Miu’s explosive growth and approach issues such as sustainability with realistic goals in mind. Here, he shares his take on the Prada Group’s many cross-sector activities and leaves some clues about what might come next.

You have overseen a wide range of internal sustainability projects, such as the launch of the popular Re-Nylon range. Why is it important to also invest in public projects and work with governments and organisations such as Unesco?
The main goal is to inspire future generations to behave better. We are always working with photographers and activists but we need the public sector to help us to deploy the educational content [that we’re producing], especially when it comes to dealing with schools, which are public entities in most cases. The public sector isn’t always as fast as the private sector but we need to all work together. Having everybody on the same page will be the biggest challenge. 

The process can often be a bit boring when you start. You have to keep going, even though you might not see any results for another five, 10, maybe even 20 years. Politicians in particular aren’t so patient but we need to invest in strategic projects that have longer timeframes. 

Do you think that fashion businesses are well positioned to address broader social and environmental issues?
We can leverage the popularity of fashion and the way that it touches pop culture and society to make certain topics more attractive to people. How can you use the company as a communications medium to deliver messages that aren’t related to products? Fashion can be one of the strongest mediums and can help to influence society. We need to think about it as an industry with big pros and cons, with this being one of the pros. We have to try to reduce its environmental impact and play to its strengths to influence people to become more mindful.

What are some of the other key messages that you have been trying to convey using the Prada Group platform?
We need to explain to people that they should pay the right price for what they’re buying. The problem with sustainability today is ensuring that it is no longer perceived as a cost. Customers need to understand the real value of an item of clothing or a bottle of perfume. We are coming out of a long period of illusion when the real cost of goods was not accounted for but somebody had to pay the price at the end. The illusion that everything could cost a few euros or that everything is accessible for everybody is over. This is the message that we need to reiterate: that, unfortunately, not everything can be accessible. It’s the hardest message to relay to the consumer, so it’s essential to do it well. 

I was speaking with Matteo Ward [the ceo and co-founder of design studio Wråd] and he said that to explain the value of garments to people, you shouldn’t start by talking about labour costs. You should explain how a well-made piece is better for them and their health, and put the focus on the individual to grab their attention. We’re teaching the future Prada customer and it’s going to be a long process. We have to start, then wait and see. We can be impatient; we don’t start things if we can’t see a shortcut. But we need to go back to investing money and time in things that will pay back in the longer term. 

Has the way that you communicate with your customers had to change in recent years?
It’s becoming harder but the challenge doesn’t come from people not listening; it comes from the complexities of the market. We just have to do a better job. As for the mediums that you choose to communicate with, from digital to traditional, those are just the means to an end. I come from a racing background and we always used to say that it’s up to the driver to make sure that the car is fast enough, not the car itself.

You recently announced you will be investing €60m into the group’s industrial facilities in 2024 during the unveiling of a new knitwear-manufacturing plant in Torgiano, Umbria. How important is vertical integration for the Prada Group?
Since the 1990s, my father’s entrepreneurial vision has been to invest heavily in verticalisation [of our supply chains]. We have been the first in this sector. It’s a natural move for us. We’re just continuing to employ the original vision. Maybe for others, integrated manufacturing is something new but, for us, it’s a matter of continuing down the same path.

Has staffing factories become more challenging?
It’s becoming harder to find skilled people and that’s why we’re once again investing in education, with the Prada Group Academy, where retired Prada employees get to teach new talent. It’s an opportunity for them to keep working, to stay connected. It’s a great example of conversation between generations. People often talk about the new generation versus the old generation but we rarely talk about how the two can work together. 

What are your ambitions for Prada’s fine-jewellery line, after such a successful launch?
Fine jewellery is now one of the fastest-growing categories for Prada and we’re staying very focused on it. We started with a small business but with the right spirit. It was a new category for us so it was easier to make things right from a sustainability point of view and scale quickly, since we were starting from zero. 

Is there an increased focus on growing these new, fashion-adjacent categories and touching different aspects of customers’ lives?
If there is a true lifestyle brand, then that’s Prada. We have so much to say in the worlds of the home, jewellery, technology, material innovation and sport, thanks to our partnership with the America’s Cup. If you look at my mother’s family history, designing jewellery and objects was already part of what they did so I don’t see big gaps that we need to fill. Instead, we need to make the right choices and prioritise some categories. It’s a constant evolution. We’re always looking at where the biggest opportunities lie but we also need to consider what we enjoy the most. At the end of the day, we need to have fun. This has always been the spirit of my parents. 

I do see a big opportunity in the world of sports with Linea Rossa [Prada’s sportswear line, known for its signature red stripes]. This is an area of development that we will be strongly focusing on in the near future. 

There’s a lot of speculation about a potential sale of the Prada Group. How do you approach this?
We’re focusing on ourselves at the moment and making strategic investments. If and when the right opportunity knocks on our door, we will, of course, look at it. It would be silly not to. 

The Prada Group is growing but the industry is being challenged by macroeconomic and political issues. Overall, are you feeling optimistic?
I always say that it’s a matter of the perspective you choose at any given moment. If you compare the current state of affairs to 85 years ago, when the Second World War broke out, the world does seem like a better place. Humankind is always improving.
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