Andrea Guerra will be the next CEO of fashion house Prada. Guerra, 57, is one of Italy’s high profile executives, serving as the long-time CEO of Luxottica, the world’s largest eyewear company, followed by a stint at the Eataly global chain of eateries and marketplace for Italian-produced specialties.

Most recently, he was in executive positions at the French conglomerate LVMH. Prada is aiming at a 40 per cent revenue growth. The Italian luxury group will do this by boosting its online business and the profitability of physical stores. The family-owned group targets an operating profit of 20 per cent of total sales, more than twice the 2019 level. It also aims to double the proportion of online sales to 15 per cent of retail revenues over that timeframe.

The group's strategy focuses on direct distribution to increase store productivity and online penetration. Last year, due to store closures and lack of tourism, Prada’s sales fell to €2.4 billion. The global health emergency interrupted two years of sales recovery at Prada, the result of a revamp plan focused on boosting e-commerce and sticking to full-price sales. Like the rest of the luxury sector, the group started to see the first signs of a rebound last summer. Besides the Prada and Miu Miu fashion houses, the Prada group also includes the footwear companies Church's and Car Shoe, as well as the pastry shop Marchese with 627 stores in 70 countries.