Versace is a luxury fashion brand known worldwide for its glamorous designs and exceptional quality. The brand was founded in 1978 by the late Gianni Versace, an Italian fashion designer, and has since then been associated with sophistication and extravagance. The question that frequently comes up is whether Versace is owned by the family or not.
Gianni Versace – The Founder
Gianni Versace was born in Reggio Calabria, Italy, on December 2, 1946. He grew up in a family of dressmakers and learned the art of sewing from his mother. In 1978, he founded his own fashion brand, which quickly gained popularity among the elite class due to its bold designs and innovative approach to fashion.
Changes in Ownership
In 1997, Gianni Versace was tragically murdered outside his mansion in Miami Beach. After his death, his sister Donatella Versace took over as the creative director of the company while his brother Santo became the CEO. However, rumors circulated that due to financial difficulties caused by excessive spending and a decline in sales, the company was facing bankruptcy.
In 2018, Michael Kors Holdings Ltd., now Capri Holdings Ltd., acquired Versace for $2.12 billion. This acquisition brought new life into the company as it expanded its reach globally while preserving its heritage and legacy.
Current Ownership Status
As of now, Capri Holdings Ltd., which also owns Michael Kors and Jimmy Choo brands, owns Versace. However, members of the Versace family still have a significant stake in the company. Donatella Versace continues to lead as a creative director while Santo serves as chairman.
Final Thoughts
In conclusion, although ownership has changed over time for Versace due to various reasons such as financial difficulties, the brand is still closely associated with the Versace family. The brand’s luxurious designs and quality remain as popular as ever, and its acquisition by Capri Holdings Ltd. has only strengthened its position in the fashion industry.