<div id="readability-page-1"><div><p>LORENZO Bertelli, the son of designer Miuccia Prada, said on Wednesday he will become executive chairman of Versace following the Prada Group’s takeover of its smaller Italian rival.</p><p>Prada announced in April it was buying Versace from US group Capri Holdings for 1.25 billion euros (S$1.82 billion).</p><p>Bertelli, currently Prada’s group chief marketing officer and head of corporate social responsibility, confirmed his role at Versace in an interview with a Bloomberg podcast.</p><p>He said the buy-out of Versace, whose lustre has faded in recent years, was a “strategic choice”.</p><p>“The brand is much bigger than its revenue,” he said.</p><p>“We like difficult missions so we are trying to bring the business back to the greatness of the brand that it once was.”</p><p>Unlike Versace, the Prada Group is in robust health, fuelled by strong sales of its younger Miu Miu Line.</p><p>Miuccia Prada, the granddaughter of group founder Mario, is co-creative director, while her husband Patrizio Bertelli is chairman of the board. AFP</p></div></div>

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<p>Lorenzo Bertelli, son of Miuccia Prada, will become executive chairman of Versace after Prada Group's 1.25 billion-euro acquisition of Versace from Capri Holdings. Bertelli, currently Prada's chief marketing officer, views the buy-out as a strategic move to restore Versace's former glory. The Prada Group, unlike Versace, is thriving, driven by strong sales of its Miu Miu line.</p>

Prada heir to head Versace after 1.25 billion-euro buy-out