We distil six untold truths from Tommaso Ebhardt’s latest book, unveiling the woman, the brand, and the group that are transforming global luxury
For decades, Miuccia Prada has epitomised—and continues to embody—intellectual style and avant-garde fashion. But how well do we know her story and the vision that has shaped the original Prada brand and the namesake empire, the Prada Group, which is now a defining force in global luxury? Her personal journey has been integral, as has the contribution of Patrizio Bertelli—her husband, Chairman of the Board of Directors, and Executive Director of the Prada Group.
The remarkable transformation of the Prada family business into a global powerhouse is now chronicled in “Prada. Una storia di famiglia” by Tommaso Ebhardt. Published by Sperling & Kupfer, the book delves into the reasons behind the group’s unprecedented success and speculates on what the future may hold. From its beginnings as a leather goods store to becoming a publicly listed industrial holding company in Hong Kong, Prada’s evolution has been driven by artistic and strategic ambition. With ventures spanning fashion, the arts through the Fondazione Prada, and sports via Luna Rossa, Ebhardt provides a comprehensive look at a family saga destined to remain independent.
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Tommaso Ebhardt is the head of the Milan editorial team at Bloomberg News. He has covered some of the most significant global corporate deals, showcasing his exceptional insight into the business world. His previous works include a 2019 biography of Sergio Marchionne and a 2022 unofficial biography of Leonardo Del Vecchio, the story of the Luxottica mogul’s rise to success, both published by Sperling & Kupfer.
Now is an especially relevant moment to explore his latest book, leaf through its pages, and absorb the full scope of Prada’s past in order to contextualise—if not fully understand—the future possibilities that lie ahead.
Prada is undeniably a topic of conversation, capturing the attention of both die-hard fashion enthusiasts and the financial world. These two realms, often more connected than they seem, converge through Prada’s extraordinary momentum. The brand’s loyal customer base, combined with Miu Miu and Prada consistently ranking among the top three “hottest” brands in the Lyst Index, has driven exceptional performance over the past year. Unsurprisingly, this success has only heightened the curiosity of industry insiders and analysts, eager to uncover the secret behind Prada’s enduring appeal and triumph, particularly in today’s challenging global market.
Remarkably, even amidst a broader slowdown in the fashion and luxury sector, the Prada Group remains resilient. In the first nine months of 2024, it achieved a 15% revenue growth, surpassing €3.8 billion, fuelled by Miu Miu’s impressive 97% surge.
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Moreover, as noted by MFFASHION, Prada’s stock has surged by over 45% on the Hong Kong Stock Exchange since January 2024. The company has been listed there since 2011, and this upward trend has brought its market value to nearly 155 billion Hong Kong dollars (around 19 billion euros at the current exchange rate). Barclays expects the company to outperform its competitors once again when it releases its full fiscal year results on March 6. Specifically, analysts at the British bank project annual sales to reach 5.3 billion euros, reflecting a 17% increase for the 12 months and 14% organic growth in the fourth quarter.
But that’s not all. Recently, industry experts and financial publications have speculated that “Capri Holdings set to sell Versace—Prada in the running to buy.” However, analysts from Equita quickly dismissed the rumours, stating that Prada’s genuine interest in Versace is unlikely. In summary, after a failed merger with Tapestry, US group Capri Holdings has turned to Barclays to find a buyer for the Medusa-branded fashion house, which experienced a 15.4% drop in revenue between April and June 2024, totalling $219 million, with an operating loss of $17 million. The situation remained bleak in Q3 2024, with Versace’s revenues further declining to $264 million.
As summarised by Corriere della Sera, potential suitors for Versace have included Kering and Exor. However, for various reasons, it seems unlikely that they will make a second offer. The dossier has reached numerous interested parties, including Prada, which has reportedly turned down the opportunity despite its solid financial standing and continuous growth in a challenging luxury market. Kering, already heavily invested in supporting its own brands, and LVMH, whose existing portfolio includes Dior, are also unlikely candidates. It now seems more probable that a private equity firm or sovereign wealth fund might emerge as the next buyer.
Yet, Prada continues to dominate the conversation. This Sunday, January 19, at 14:00, the flagship brand will take to the runway at the Fondazione Prada in Milan to present its new Fall-Winter 2025/26 menswear collection, co-designed by Miuccia Prada and Raf Simons.
What better time than now to learn more about the brand? In “Prada. Una storia di famiglia,” Tommaso Ebhardt offers us an unpublished portrait, revealing new insights into the designer Miuccia Prada and her empire. It’s a unique perspective, filled with details that even the most devoted Prada fans may not have imagined.
Here are six revelations from the book that we just couldn’t keep to ourselves for another minute.
The Mistake We Always Made About the First Prada Boutique
How many of us would have sworn that the first Prada store was opened in the Galleria Vittorio Emanuele in Milan? It turns out we were wrong. The archival documents revealed by Tommaso Ebhardt indicate that the first small leather goods shop actually opened in 1913 on Via Turati, located about a kilometre north of the Duomo.
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The iconic Galleria location was established ten years later, presenting a history that differs from the one we thought we knew. Reportedly, even Miuccia Prada herself was surprised by this discovery.
Miuccia Prada: From Leftist Feminist Activist to Fashion Maven
“While Miuccia inherited the shop in central Milan, she was an unlikely fashion maven,” wrote Tommaso Ebhardt in a preview article for Bloomberg, just hours before the book’s launch. “A committed leftist and feminist activist in the 1960s, she broke with traditions that she benefited from. That iconoclasm helped develop innovations such as the Prada nylon rucksack in the 1980s. Her ‘ugly chic’ collections made Miuccia one of the world’s most influential designers.”
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Far from the stereotype of the glamorous designer, Miuccia Prada stands as a figure who channelled her intellectual background into a distinctive, provocative style. Her designs reflect the tension between rebellion and the bourgeoisie tradition, fostering a dialogue that continues to redefine luxury.
The Forgotten Trunks That Built an Empire
Today, Prada is known for its minimalist lines and nylon bags, but few people know that the brand’s origins are rooted in travel trunks. Mario Prada, Miuccia’s grandfather and founder of the brand, specialised in high-quality leather goods. His handcrafted creations became symbols of excellence long before fashion evolved into the global industry we recognise today.
In his book, Ebhardt recounts the rediscovery of a trunk from the 1920s, unearthed in forgotten archives—a tangible reminder of the brand’s artisanal roots.
A Proto-Milan Fashion Week and the Origins of Rivalries
A fascinating and previously untold detail emerges in Ebhardt’s work: as early as 1918, Prada participated in an event that could be viewed as a precursor to Milan Fashion Week.
At the time, Italian brands showcased their creations in a competitive fair marked by intense rivalries and a lack of collaboration among labels and companies. This historical insight highlights Prada’s early ambition to stand out in the fragmented and fiercely competitive Milanese market.
Succession: The Future of Prada in Lorenzo Bertelli’s Hands
One of the most compelling aspects of Tommaso Ebhardt’s book is its focus on the future of Prada SpA.
Lorenzo Bertelli, the eldest son of Miuccia Prada and Patrizio Bertelli, is poised to take over the family business. The transition is already underway, as he has secured significant ownership stakes and is gaining hands-on experience in daily operations. He currently holds the positions of Chief Marketing Officer, Head of Corporate Social Responsibility, and Executive Director.
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This phase, detailed like never before, underscores the family’s long-term vision. Ebhardt noted, “Succession is a critical issue for Italian family-owned businesses like Prada, and it’s not typical that founders take action, especially when they remain heavily involved”. He added: “In many business families, discussions about handing over to the next generation are taboo, which leaves heirs insufficiently prepared and opens the doors to disputes.” This scenario is unfolding across Italy, affecting various prominent families, including the Agnelli family, Luxottica, and Armani.
“But the 76-year-old Miuccia and the 78-year-old Patrizio are intent on handing over the reins in a way that ensures Prada can maintain its independence. That’s a significant challenge in the high-stakes world of luxury where multi-brand giants like LVMH and Kering dominate.” These are the conglomerates that have systematically acquired the key players in Italian luxury over the past few decades—Fendi, Gucci, Bottega Veneta, Valentino, and more.
To safeguard against a similar fate, Ebhardt explained that “Miuccia Prada has preemptively transferred ownership of almost all her shares in key entities, according to Italian filings. Even as she maintains voting rights, Lorenzo was given 50.5% of her holding company, Ludo SpA. His younger brother Giulio—who isn’t currently planning to work for the family business—got the rest.”
“Patrizio hasn’t made similar moves so far and maintains full control of his investment vehicle. That won’t change Lorenzo’s position, though,” Ebhardt clarified. Ultimately, Lorenzo Bertelli is set to become the largest shareholder in the family’s holding company, which owns 80% of Prada.
Miuccia Prada: A Singular Figure Between Art and Industry
Ebhardt’s book does more than explore historical curiosities; it offers a rare and nuanced portrait of Miuccia Prada as a transformative figure. Her ability to blend art, reality, luxury, and even politics has transformed Prada into a true laboratory of ideas rather than just a commercial empire.
In “Prada. Una storia di famiglia,” the myth of Miuccia Prada is expanded, portraying her as a mosaic of contrasts: rational yet superstitious, minimal yet sentimental, rebellious yet perfectionist. This complexity defines her uniqueness and her enduring influence in the fashion world.
Perhaps Miuccia Prada’s greatest lesson is this: true luxury lies not in what you own but in who you are.
Agnese Pasquinelli
Alumna, Milan