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# Patrizio Bertelli

Random fact: Born left-handed. Forced to use his right hand as a young boy.

Overview

Bertelli is chief executive officer of Italian luxury-goods company Prada. He owns 28 percent of the Milan-based fashion house whose network of about 600 stores had revenue of 3.2 billion euros ($3.5 billion) in 2016. With wife Miuccia, he has run Prada, whose other brands include Miu Miu and footwear maker Church's.

As of July 22, 2017:
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Industry Consumer
Biggest asset N/A
Citizenship Italy
Age 71
Wealth Self-made
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Relative Value

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Net Worth Summary

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Biography

Birthdate: 4/6/1946
Family: Married, 2 children
Education: 10/2000, Universita DI Florence, Graduated

Bertelli was born in 1946 in Arezzo, a town in Italy's Tuscany region, into a family with a long legal tradition. When Bertelli was six years old his father died, leaving his mother, a high school teacher, to raise him and his brother. He studied engineering at Bologna University and in 1968 started his own business making and selling belts and bags.

He met Miuccia Prada at a trade fair in Milan in the late 1970s. Prada had taken over her family's leather-accessories store and hired Bertelli to be one of her main suppliers. Bertelli also became a mentor to Prada, advising her on how to expand the company's product lines beyond leather goods and into footwear, men and women's apparel. Prada opened new stores in New York, Madrid, London, Paris and Tokyo in 1986. They married a year later.

The couple helped oversee Prada's development into a global luxury powerhouse. The company acquired new labels -- including men's footwear brand Church's -- and also opened its own, including Miucca's line Miu Miu in 1993. Prada announced plans to sell shares in a public offering on the Hong Kong stock exchange in January 2011, with a target to raise as much as $3 billion. The June IPO ended up raising $2.14 billion after cutting the final share price by almost a fifth due to weak demand from retail investors.

A keen sailor, Bertelli sponsored sailing team Luna Rossa in the 2000, 2003, 2007 and 2013 editions of the America's Cup, sport's oldest trophy and most prestigious sailing competition. The team was runner-up three times. Bertelli, Prada's chief executive officer lives in Milan with Miucca, the company's chairman, and their two sons Lorenzo and Guilio.

Milestones
  • 1946 Patrizio Bertelli is born in Arezzo, Italy.
  • 1977 Meets Miuccia Prada in Milan; they marry 10 years later.
  • 1988 Son, Lorenzo, is born. Second son, Giulio, born two years later.
  • 1988 First Prada women's ready-to-wear collection launched.
  • 1997 Founds Luna Rossa yacht racing team in bid to win America's Cup.
  • 1998 Prada takes 9.5 percent stake in Gucci; later sells it to LVMH.
  • 2011 Raises $2.1 billion in an initial public offering.
  • 2014 Prada Holding investigated for possible tax evasion.