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At 75, Miuccia Prada is an iconic figure in the fashion world. Known for her minimalist designs that challenge conventional notions of beauty and luxury, she has forged a unique path in an industry often dominated by sexualization.
Her journey has not only earned her recognition from critics and the public but has also contributed to the accumulation of a remarkable fortune, a rare achievement in this sector. Currently, her business empire is valued at approximately $6.2 billion, placing her among the 500 richest people in the world.
But how did this mime student and doctor in Political Science go on to found the successful Prada Group?
Born in Milan in 1949 as Maria Bianchi into an affluent family, Miuccia grew up in a historic building where she still resides. Her father, Luigi Bianchi, ran a lawnmower factory, while her mother, Louisa, inherited the family leather goods business. Although the business belonged to her mother, Miuccia initially showed little interest in the family industry, as her passions lay in fields far removed from commerce.
During her university years, Miuccia stood out as a rebellious and intelligent young woman with the ambition to create a fairer world. She often attended protests dressed elegantly, wearing Yves Saint Laurent instead of jeans like most of her peers.
After earning her PhD in Political Science, her life took a turn when she spent five years training as a mime at the Piccolo Teatro di Milano. However, pressure from her parents led her to join the family business. By the late 1970s, she took over the store, which at that time generated approximately $45,000 annually.
Although she initially felt uncomfortable working in what she considered a superficial field, she soon began to enjoy design, finding new independence in it. Her life changed dramatically when she met Patrizio Bertelli, an ambitious entrepreneur. Despite their differences, they quickly became partners both personally and professionally.
Together, they implemented significant changes in the brand, including the introduction of shoes and a second store in Milan. A crucial moment was the discovery of an innovative material, Pocono nylon, with which she designed backpacks that launched in 1984. This was just the beginning of her success; in 1985, the Prada bag became a sales phenomenon.
In 1987, Miuccia and Patrizio married. Instead of taking his last name, she convinced an unmarried aunt to adopt her so her name would match the business. In 1988, she decided to venture into clothing design, despite having no initial interest in it. This strategic shift propelled Prada into a global brand, with sales reaching $50 million in the U.S. by 1990.
The impact of celebrities on the brand was significant, especially when Uma Thurman wore a Prada dress at the 1995 Oscars. Although she did not win the award, the dress garnered media attention and catapulted the brand into stardom.
During the 1990s, Prada continued to expand, launching Miu Miu and menswear lines. By the end of the decade, the company had around 100 stores and sales totaling $850 million. Patrizio, determined to compete with LVMH, further expanded the empire, leading to Miuccia’s fortune being estimated at $1.4 billion in 2001.
Over the years, her wealth has fluctuated due to various economic crises and the luxury market boom. In 2012, she returned to the Forbes list at position 139, and her current fortune is valued at $6.2 billion.
Despite her success, in 2023, Miuccia and Patrizio stepped down from their roles as co-CEOs and are now focusing on their legacy and the future of the Prada group.
Source: BBC
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