When it comes to luxury fashion, Versace is a name that needs no introduction. Founded in 1978 by the late Gianni Versace, the brand has become synonymous with high-end fashion, glamour, and opulence.
Today, it is one of the most recognizable and successful fashion houses in the world. But who is the owner of Versace now? Let’s take a closer look.
The Early Days
Before we get into the current ownership of Versace, let’s take a quick look at its history. Gianni Versace founded the company in Milan, Italy in 1978.
He quickly gained fame for his bold and innovative designs that pushed boundaries and challenged traditional notions of high-end fashion. Throughout the 1980s and 1990s, Versace expanded rapidly, opening stores around the world and becoming a favorite of celebrities like Princess Diana and Elton John.
The Tragic Loss of Gianni
In 1997, tragedy struck when Gianni Versace was murdered outside his Miami Beach mansion by serial killer Andrew Cunanan. The fashion world was left reeling from the loss of one of its brightest stars. However, rather than letting his death be the end of the brand he had built from scratch, Gianni’s family stepped up to take on leadership roles within the company.
The Family Business
Gianni’s sister Donatella Versace took over as Creative Director after her brother’s death. She had already been working alongside him for years and was instrumental in many of his most iconic designs.
Donatella brought her own unique vision to the brand while still honoring her brother’s legacy. Her bold designs have continued to capture attention on runways around the world.
In addition to Donatella, other members of the Versace family have played important roles within the company throughout its history. Gianni’s older brother Santo has been CEO since 2004 and has overseen the brand’s continued growth and success. Gianni’s niece, Allegra Versace, inherited a 50% stake in the company when she turned 18 and has been involved in its management ever since.
The Acquisition by Michael Kors
In 2018, it was announced that US fashion company Michael Kors had acquired Versace for $2.1 billion. The move was seen as a way for Michael Kors to expand its reach into the luxury market and compete with other high-end brands like Louis Vuitton and Gucci.
Despite the acquisition, the Versace family remains involved in the day-to-day operations of the brand. Donatella still serves as Creative Director and Santo is still CEO. The family also retains a minority stake in the company.
The Future of Versace
With its long history of innovation and glamour, it seems likely that Versace will continue to be a major player in the fashion world for years to come. While some fans were concerned about what would happen to the brand after Gianni’s death, his family has proven more than capable of carrying on his legacy while also pushing forward with their own unique visions.
Whether you’re a die-hard fan or simply appreciate beautiful fashion, there’s no denying that Versace is an iconic brand with an interesting history. From its early days under Gianni to its current ownership by Michael Kors, there’s always something new to discover about this legendary fashion house.