Versace is a name that has been synonymous with luxury fashion since it was founded in 1978 by Gianni Versace. The brand has remained popular over the years, and its iconic Medusa logo is instantly recognizable.
But who owns Versace today? Does the Versace family still have a stake in the company?
The answer is yes, and no. Let’s take a closer look.
The History of Versace
Gianni Versace founded the eponymous fashion house in 1978 in Milan, Italy. Over the years, he built a brand that was known for its bold designs and use of luxurious materials. In 1997, however, tragedy struck when Gianni was murdered outside of his Miami home.
After Gianni’s death, his brother Santo took over as CEO of the company. Santo had been involved with the business from the beginning and had worked closely with Gianni to build the brand.
In 2004, Santo’s daughter Allegra inherited 50% of the company when she turned 18. At the time, this made her one of the richest teenagers in the world.
The Sale of Versace
In 2018, news broke that Michael Kors Holdings Ltd. (now Capri Holdings) had purchased Versace for $2.12 billion. The sale was met with mixed reactions from fans of the brand who were concerned about what this would mean for its future.
So what does this mean for the Versace family? While they no longer own a stake in the company itself, they will still have a say in how it is run.
In fact, Donatella Versace (Gianni’s sister) still serves as creative director for Versace and will continue to do so under Capri Holdings’ ownership. Meanwhile, Santo will reportedly become chairman emeritus of Capri Holdings’ board.
The Future of Versace
As for what the future holds for Versace, only time will tell. Capri Holdings has expressed its commitment to preserving the brand’s heritage and maintaining its luxury status. The company has also stated that it plans to invest in the brand’s digital capabilities and expand its retail presence.
One thing is for sure, however – Versace will continue to be a name that is synonymous with luxury fashion for years to come. And while the Versace family may no longer own a stake in the company, their legacy will live on through their contributions to the brand’s success.
Conclusion
In conclusion, while the Versace family no longer owns a stake in the company that bears their name, they will still have a say in how it is run. Donatella Versace will continue to serve as creative director, and Santo will become chairman emeritus of Capri Holdings’ board.
Regardless of who owns Versace today, one thing is certain – it remains a symbol of luxury and high fashion. And with Capri Holdings’ commitment to preserving its heritage and investing in its future, we can expect to see many more iconic designs from this legendary brand in years to come.