Versace is a well-known luxury fashion brand that has been around for over four decades. Founded in 1978 by Gianni Versace, the brand quickly gained popularity for its bold and vibrant designs. However, with the unfortunate passing of Gianni Versace in 1997, many have questioned whether or not the company is still a family-owned business.
In 2009, Gianni’s sister Donatella Versace took over as Creative Director of the company. Donatella has been with the company since its inception and has played an instrumental role in helping to shape the brand’s identity. In addition to Donatella, Gianni’s brother Santo Versace is also heavily involved in the day-to-day operations of the company.
Despite these familial ties, Versace is no longer a completely family-owned business. In 2018, Michael Kors Holdings Limited (now Capri Holdings Limited) acquired the Versace brand for $2.12 billion USD. This acquisition resulted in Michael Kors becoming one of the largest fashion conglomerates in the world.
Despite this acquisition, Donatella and Santo Versace still hold significant positions within the company. Donatella remains as Creative Director while Santo serves as Chairman of the Board. Both siblings are actively involved in designing and promoting the brand’s products.
It’s important to note that while Versace is no longer a completely family-owned business, it still maintains its strong familial ties through Donatella and Santo’s involvement in the company. The brand continues to produce high-quality luxury products that are recognized around the world for their unique style and design.
In conclusion, while Versace may no longer be entirely owned by the family that founded it, it still remains deeply rooted in its familial ties. With Donatella at the helm as Creative Director and Santo serving as Chairman of the Board, it’s clear that their passion and dedication to preserving their brother’s legacy lives on.