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Fashion designer Miuccia Prada becomes company’s co

Fashion designer Miuccia Prada becomes company’s co

MILAN (Reuters) Italian fashion house Prada said on Friday Miuccia Prada had left her role as chairwoman of the board to take up a new role as co chief executive alongside her husband.

There was no indication that Prada, who also acts as creative director, would play a substantially different role in the company which sells leather handbags for 2,000 euros.

“This is just a formal move . to comply with the rules of the Hong Kong bourse,” said Bernstein analyst Mario Ortelli. “From an operational point of view, nothing changes.”

Deputy Chairman Carlo Mazzi will replace Miuccia as chairman of the group centred on a brand founded by her family in 1913.

Prada posted a 9 percent rise in preliminary 2013 sales on Wednesday, down from 29 percent in the previous year, due in part to a weak European market. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

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