Versace is a world-renowned luxury fashion brand that has been at the forefront of the industry for decades. The brand has always been synonymous with high-end fashion, glamour, and extravagance.
However, while most people are familiar with the name Versace, not many may know about its ownership history. In this article, we will take a closer look at who owns Versace before its acquisition by Michael Kors.
Gianni Versace – The Founder
Gianni Versace was the founder of the eponymous fashion house. He established the brand in 1978 in Milan, Italy. At the time, he was only 32 years old but had already gained significant experience working for other fashion houses such as Genny and Callaghan.
The Early Years
In its early years, Versace gained a reputation for bold and daring designs that incorporated bright colors and prints. Gianni’s vision was to create clothes that were not just beautiful but also made women feel confident and empowered.
The Rise of Versace
In the 1980s, Versace’s popularity soared as celebrities such as Princess Diana and Elton John began wearing his designs. By the end of the decade, Versace had become one of the most sought-after luxury brands in the world.
After Gianni’s Death
Tragically, Gianni Versace was murdered outside his Miami Beach home in 1997. His death left a significant void in both his family and his business.
Santo Takes Over
Following Gianni’s death, his brother Santo took over as CEO of Versace. He had been involved with the company since its inception and had played an instrumental role in its success.
The Donatella Era
In 1997, Donatella Versace, Gianni’s sister, also joined the company as Creative Director. She had previously worked as her brother’s muse and had helped him with his designs. Donatella brought a new energy to the brand and quickly became known for her bold and provocative designs.
The Blackstone Investment
In 2014, Versace announced that it had sold a 20% stake in the company to Blackstone Group, a private equity firm. The deal valued the company at $1.4 billion.
Michael Kors Acquisition
In 2018, Michael Kors Holdings Limited announced that it had acquired Versace for $2.12 billion. The acquisition marked a significant milestone for both companies and signaled Michael Kors’ intent to expand into the luxury fashion market.
Conclusion
Versace has come a long way since its inception in 1978. From its early years of bold designs to its current status as one of the world’s most iconic luxury brands, Versace remains a symbol of glamour and extravagance. While its ownership may have changed over the years, its commitment to quality and innovation has remained constant.