The Luxottica executive Andrea Guerra is set to take the reins as Prada’s new group CEO as longtime business chief Patrizio Bertelli prepares his succession. The company said it would propose Guerra’s appointment at a board meeting in January 2023.

Bertelli, who since the 1980s built the brand into a global name alongside designer and co-CEO Miuccia Prada, is set to become chairman of the board. The move comes as the designer-entrepreneur duo, who are both in their seventies, prepare to pass control of the company to the next generation.

Their son Lorenzo Bertelli joined the company in 2018 and has taken key responsibilities helming the group’s marketing, communications and sustainability efforts. First-half revenues grew 26 percent year-on-year and were up 38 percent on 2019′s pre-coronavirus levels, the Milan-based group said in August.

“This is a fundamental step we have decided to undertake, while completely engaged in the company, to contribute more to the evolution of the Prada Group and to ease the succession of Lorenzo Bertelli, the future leader of the Group,” Miuccia Prada and Patrizio Bertelli said in a joint statement.

Stay tuned to BoF for updates on this developing story.