From meeting Miuccia Prada to acquiring Versace, Patrizio Bertelli (pictured, Imagoeconomica) takes us through the key moments that have defined his life and career in a wide-ranging interview with Harper’s Bazaar Italia. We’ve distilled the most revealing insights.
On Made in Italy – strengths and limitations
Bertelli points out that “there are many Made in Italy brands that have grown in parallel”. He gives the example of leather: “Roman leather is worked differently from anywhere else, and that’s where Fendi’s bags come from. Today, these artisanal talents are overshadowed by industrial processes. I’m not saying industry is bad, but it does flatten creativity. For me, the story of craftsmanship isn’t over—there are still people creating new things. The real challenge, more than anything, is scale. It’s a very delicate matter”.
The three stages every company must navigate through
“First, you have to conquer the market and position the company. Then comes maintaining the status quo, perhaps even improving it. Finally, the hardest step: passing the baton to the next generation”, says Bertelli. He emphasises that he has always thought long-term, without imposing a strict timetable. “Not infinite, but extended, as if we could live 200 years. This made a huge difference. Setting hard deadlines can restrict a company, because it makes you think I can’t do this or that because there isn’t enough time”.
Acquisitions – up to Versace
Bertelli recalls the acquisition of Fendi, which he managed personally on behalf of Bernard Arnault (LVMH). Each held 25% of the Roman house. Then 11 September 2001 changed everything. “We had made these investments in anticipation of the stock market listing scheduled for 18 September 2001”, he remembers. He describes Arnault as “a man with his own style, but a true gentleman”. Managing the newly acquired brands alongside Francesca Bellettini (now vice CEO of Kering) was “an enormous effort”, Bertelli notes. Synergies and economies of scale were not enough. Versace remains the most recent acquisition, still in the process of integration. “The market demands too much; you can’t expect to turn around a company in one or two years. It seems contrived and arrogant. I don’t subscribe to this aggressive approach to fashion, moving pieces around as if it were a chess game”, he says.
Product and quality
“When people talk about quality, they often mean labour alone. For me, it’s much more than that, because it embraces imperfections. You can’t make a perfect product—perfection doesn’t exist. Products contain flaws, but those very imperfections are what define their quality”, Bertelli explains.
Finance
“After the debt crisis of 2001, which hit us psychologically, we realised that to innovate we needed to self-finance. And when debt is necessary, it must be manageable. Look at the company’s accounts in recent years: since the stock market listing, we haven’t taken on any further debt”.
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