Donatella Versace is stepping down as chief inventive officer at Versace after virtually 30 years.
Ms. Versace, who turned the Italian vogue home’s lead designer after the homicide of her older brother (and founding father of the model) Gianni Versace in 1997, will grow to be the label’s “chief model ambassador. Dario Vitale, former design and picture director of Miu Miu, will grow to be Versace’s new chief inventive officer, starting April 1.
“It has been the best honour of my life to hold on my brother Gianni’s legacy. He was the true genius, however I hope I’ve a few of his spirit and tenacity,” Donatella stated in a press release, noting that she is “excited to see Versace via new eyes.” As chief model ambassador, Donatella will shift her focus to the Home’s philanthropic efforts, just like the Versace Basis, which was launched by proprietor Capri Holdings in 2022 to help the LGBTQIA+ neighborhood by “selling consciousness, preserving historical past and tradition, and advancing equality, wellness, and security.”
John D. Idol, CEO of Capri Holdings, which additionally owns Michael Kors and Jimmy Choo, stated that call was “a part of a considerate succession plan.” Notably, the announcement comes as Miu Miu’s proprietor, the Prada Group, is deep in discussions to buy Versace from Capri Holdings. Final week, the Prada Group agreed to a worth of just about €1.5 billion EUR ($1.6 billion USD) for Versace, and the 2 may attain a deal by the tip of this month.
In 2018, Capri Holdings acquired Versace with its sights set on rising the label right into a $2 billion USD model; however regardless of Versace’s celebrated vogue id, its gross sales have fallen to only over $1 billion USD within the final 12 months, with its newest monetary report citing a 28.2% decline in quarterly income.
Vitale, who solely exited his submit at Miu Miu in January, was instrumental in driving the Miuccia Prada-founded model’s gross sales via the roof amid the continuing luxurious slowdown. The 12 months 2024 was a file 12 months for Miu Miu, which noticed retail progress climb a powerful 93%.
“Vitale is a uncommon expertise, who deeply respects the essence and values of Versace and clearly understands its progress potential,” Versace CEO Emmanuel Gintzburger stated in a press release. “We’re satisfied that his expertise and imaginative and prescient will convey a brand new perspective to the model.”
