Gianfranco d’Attis Leaves Prada: the Group Looks for a Second Wind

Despite a difficult environment for the luxury industry, Prada showed resilience in 2024. The group posted solid financial results, exceeding analysts' forecasts by 2%, with sales up 17% to €5.4 billion. Pending the appointment of a successor, the group's management will be temporarily taken over by the current CEO of the Prada group, Andrea Guarra. The information was confirmed by AFP on Sunday.

This growth was driven not by the Prada brand itself, but by its sister label Miu Miu, which surprised the markets with a spectacular 93% increase in retail sales for the year ended December 31, 2024. Miu Miu now accounts for 25% of the group's business, compared with a more modest performance for the eponymous brand.

In the first quarter of 2025, Miu Miu's results began to stabilize, a context that could explain the group's desire to breathe new strategic momentum into its main brand. This change of direction thus seems aimed at reviving Prada's momentum through new, bolder approaches.

Like the rest of the sector, Prada is facing an unstable environment: geopolitical tensions, which have intensified in recent weeks, and rapidly changing consumer trends require ever greater adaptability.

Another factor that may have precipitated this reshuffle is the acquisition of Versace from Capri Holdings for $1.25 billion, announced last April. This major transaction adds an extra layer of complexity to the group's management.

The announcement of Gianfranco D'Attis' departure came during Milan Fashion Week dedicated to men's shows, which also reflected the major changes underway at brands such as Fendi and Gucci, which were notably absent from the event.

The announcement of Gianfranco D'Attis' departure comes during Milan Fashion Week, which has been marked by ongoing changes at several major luxury houses and the absence of Fendi and Gucci. Designer Demna Gvasalia, expected to take the helm at Gucci, the struggling brand within the Kering group, will present his last show for Balenciaga in Paris this week, explaining Gucci's absence from Milan. Fendi, owned by LVMH, will return in September for the women's shows, following the departure of Kim Jones.

Highlights of this Milan edition include presentations by Dolce & Gabbana, Paul Smith, Giorgio Armani—who will close the event on Monday—and the highly anticipated Prada show, designed by creative duo Miuccia Prada and Raf Simons.