VALVIGNA, Italy (AP) — Prada CEO Patrizio Bertelli says that the family-controlled company has no intention of selling and that his elder son with creative director Miuccia Prada is being groomed to take over.

Bertelli said Friday during the unveiling of a production site near Florence that his 30-year-old son Lorenzo "is preparing so that one day he can become the head of Prada," assuming that once he has learned the ropes he also still has "the desire to do it." Lorenzo started working in the communications department in September.

While other Italian companies, including fashion brands, have sold when facing generational change, the 72-year-old Bertelli said "I have no intention to sell." Nor is he looking to expand with fresh acquisitions. He did not say when he or Miuccia Prada, 70, would retire.