If you think about Miu Miu and the success that it's had, is that growth sustainable? Maybe you could walk me through the reasoning of why Miu Miu was so successful and if that kind of success can sustain a double-digit growth for next year?

On the product side, they've been very smart because the product is very simple. They've been structuring their collection in a very smart way. It's not too big, so they have a very precise collection architecture. They've been very smart because they were, of course, targeting women but not exclusively women. They have also been very attractive to male clientele without having a dedicated men's line. In a way, they refined the approach that Gucci had established in previous years, but in a more modern manner that no other brands were doing that at the time, in the past three or four years. If you consider other brands trying to cover that market segment, no one was there. Everyone was going for quiet luxury, simplifying their collections to make them more mature and justify their price range. But what Miu Miu did was very precise, establishing itself in the market as fresh, young, and contemporary, never banal, and always very innovative season after season, in terms of look and outfit.

Since you seem to be very close to the family and the management team, can you discuss the changes in management and who is running which business? We can also discuss the Versace integration. I'd love to talk at a high level about who is running what and your thoughts on the family and how the sons will take over.

Prada is a very family-driven enterprise. I've worked in different family businesses, but Prada is where the family is the most present. They are involved at every stage of the cycle, from collection development and creation to sales and retail. At Prada, there's an external management team that joined the company almost three years ago. Mr. Andrea Guerra is the president of the group. Together with Andrea, Gianfranco Dattis, previously CEO of Dior America, joined Prada as CEO. However, he exited the company in June 2025, and he has not been replaced by anyone. This indicates how much the company still relies on a top-level family presence. The family presence is structured in such a way that the creative process at both Prada and Miu Miu involves direct involvement from Mrs. Prada.