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Prada Heir Lorenzo Bertelli Has a Versace Problem

Lorenzo Bertelli is leading Prada’s effort to revive Versace after years of losses, with Pieter Mulier taking over creative direction

Lorenzo Bertelli, the former rally driver expected to inherit the Prada empire, now faces a less glamorous assignment: making Versace profitable again. At 38, he oversees the Italian fashion house as executive chairman after Prada Group acquired the brand from Michael Kors and Capri Holdings, owner of Jimmy Choo, in December for €1.25 billion ($1.4 billion). Versace joined a luxury portfolio already home to Miu Miu, British shoemaker Church’s and the flagship Prada brand.

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While the house Gianni Versace founded in 1978 has become an international icon of bold, glamorous design, its finances tell a less dazzling story. Under Capri, Versace posted a $54 million operating loss in fiscal 2025 as revenue fell 20 percent to $821 million. Prada executives expect another operating loss this year, putting pressure on Bertelli to turn Versace’s fame into stronger sales and, eventually, profits.

Prada has already begun the overhaul, shrinking Versace’s store network and installing new creative leadership. Pieter Mulier, the Belgian designer formerly of Alaïa, became Versace’s chief creative officer on July 1 and reports directly to Bertelli. The pair must build demand as Prada pulls the brand back from markdowns and outlets. “The brand is much bigger than the business,” Bertelli told Vanity Fair in a May profile. “It’s a huge, incredible story, and the potential is so much bigger than the revenue that they are doing.”

Lorenzo Bertelli’s Rally Race to Versace from Prada 

The son of designer Miuccia Prada, 78, and Prada group chairman Patrizio Bertelli,........

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