MILAN, Italy — Prada SpA, an Italian maker of $2,950 leather handbags, said Miuccia Prada Bianchi will step down as the fashion company’s chairman and join her husband Patrizio Bertelli as co-chief executive officer.
Prada Bianchi, 65, “will concentrate on the day-to-day management of the business by devoting her time to guiding the further development of the group, mainly in the creative design and brands communications activities,” the Milan-based company said today in a statement. Carlo Mazzi will replace her as chairman, effective today, Prada said.
Prada Bianchi’s appointment “is a natural extension of the role she has already played in the group’s development and will be beneficial to the group’s long-term growth and progress,” Prada said in the statement.
The fashion company this week reported slowing quarterly sales growth as a strong euro and softening demand in Europe and Asia stunted progress. Revenue in the 12 months through January rose 9 percent to 3.59 billion euros ($4.9 billion).
By Andrew Roberts; Editors: Paul Jarvis, Robert Valpuesta