Prada family to plan for drama-free succession

Power shift: A Prada store at 724 Fifth Avenue in New York. Miuccia and Patrizio are intent on handing over the reins in a way that ensures Prada can maintain its independence. — Bloomberg

MILAN: After transforming a small leather shop in Milan into a US$19bil luxury empire, Miuccia Prada and Patrizio Bertelli have taken the first steps on a long-term path to secure the future of Prada SpA.

Lorenzo Bertelli, the billionaire couple’s eldest son, has already taken key ownership stakes as he gathers experience in day-to-day operations by leading marketing and sustainability units.