VENICE (Reuters) – Italian luxury group Prada (OTC:) is not considering major acquisitions as it focuses on the brands it already owns, its Chief Executive Andrea Guerra said on Monday.
Speaking at the FT Luxury Summit in Venice, Guerra added that he expects a positive surprise from the US luxury market this year.
“I am cautiously positive about the United States. I think Prada has a relationship with the American consumer, but perhaps our business is a little underrepresented there. So we have some work to do,” he added.
The CEO, named in January 2023 to lead the company as the next generation of its founders prepares to take the reins, said he doesn’t know when the leadership change will happen.
Lorenzo Bertelli, one of the two sons of Prada founders Miuccia Prada and Patrizio Bertelli, is expected to be named CEO after Guerra.
In first-quarter results released last month, Prada defied a downturn in the luxury goods sector by reporting strong demand for its Miu Miu high-fashion brand and continued growth in Asia.