Patrizio Bertelli, CEO Prada on the state of the Italian economy

Present at the 5th edition of the Luxury Summit organized by Il Sole 24 in Milan, Patrizio Bertelli, CEO of Prada Group: ‘the only way to re-launch the Italian economy is to put an end to the excessive bureaucracy which bears a huge cost on the entire economy’. adding ‘The focus for the Italian economy should be on creating jobs for the young and motivating them, including financially. Taxation on salaries in Italy is absurd and we have to cut the number of national holidays. The days of more of us to work but work less, are gone.’

Bertelli went on to critize authorities for the lack of investment and coherence in the tourism sector which, in the case of the city of Milan he called ‘a disaster’. ‘There are no direct flights to Milan – the real hubs are Frankfurt, London and Milan. Travelling from one city to another in Italy is a nightmare.’ Even for cities such as Venice, he pointed out that major events such as the Venice Biennale only attract the wealthy travellers for a few days.

Speaking about Prada’s IPO on the Hong Kong Stock Exchange, Bertelli said: ‘The major difference is that the Hong Kong Stock Exchange is focused on EBIT rather than on EBTIDA which is the focus of the Anglo Saxon Stock Exchanges’.

On the topic of less logo exposure on products, Patrizio Bertelli said that even in China logos are very important, otherwise the lack of, can create confusion among consumers. ‘It is a matter of how to use the logo as a symbol, like Chanel does, said Bertelli.’

Oliver Petcu in Milan

Patrizio Bertelli and Stefano Sassi at 5th Luxury Summit Milan by Il Sole 24

Live coverage from 5th edition of the Luxury Summit in Milan – with the support of Four Seasons Hotel, Milan