Prada’s independence hinges on green millennials LJucca
Prada is expected to post half-year revenue of 1.6 billion euros on Aug. 1, up around 1% from the same period a year earlier, Refinitiv estimates show. Larger rivals Hermes, LVMH and Kering have all reported double-digit sales growth in the six months to June 2019.
Prada on June 24 announced plans to launch a collection of nylon bags made from recycled plastic. The group, which has made the iconic nylon Vela backpack since 1984, says it will only use recycled nylon by 2021. Miuccia Prada, who turned 70 in May, is owner and co-CEO of Prada along with 73-year-old husband Patrizio Bertelli.
Their 31-year-old son Lorenzo Bertelli, formerly a professional rally driver, has been leading the group’s digital strategy since late 2017. He also heads marketing. Younger generations such as the millennials and the so-called Gen Z are expected to make up 55% of the luxury goods market by 2025, according to consultancy Bain & Company. These younger consumers engage with brands digitally and care about sustainable brands, industry specialists say.
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