Is Versace Still Privately Owned?

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Versace, the luxury fashion brand, has been a household name since its inception in 1978. Founded by Gianni Versace, the brand has become synonymous with glamour and sophistication.

However, many people wonder whether Versace is still privately owned or if it’s now part of a larger corporation. In this article, we’ll explore the ownership structure of Versace and see if it’s still a private company.

History of Versace

Before diving into the current ownership structure of Versace, let’s take a quick look at its history. Gianni Versace founded the company in 1978 in Milan, Italy.

The brand quickly gained popularity thanks to its bold designs and use of bright colors. In the 1990s, Versace became one of the most recognizable fashion brands in the world.

Unfortunately, tragedy struck in 1997 when Gianni was murdered outside his Miami Beach home. His sister Donatella took over as creative director and has been at the helm ever since. The company continued to grow throughout the 2000s and early 2010s.

The Acquisition by Capri Holdings Ltd.

In September 2018, it was announced that Michael Kors Holdings (now Capri Holdings Ltd.) would acquire Versace for $2.12 billion. This acquisition made headlines around the world and sparked a lot of discussion about whether Versace would lose its identity under new ownership.

Capri Holdings is a publicly-traded company that also owns Michael Kors and Jimmy Choo. This means that Versace is no longer privately owned but is instead part of a larger corporation.

Current Ownership Structure

Although Versace is no longer privately owned, Donatella still serves as creative director and maintains control over many aspects of the brand. She has stated publicly that she plans to keep the spirit of Versace alive under new ownership.

Capri Holdings has also made it clear that they plan to invest in Versace and help the brand continue to grow. In a statement announcing the acquisition, John D. Idol, chairman and CEO of Capri Holdings, said, “With the full resources of our group, we believe that Versace will grow to over $2 billion in revenues.”

Conclusion

In conclusion, Versace is no longer privately owned but is instead part of Capri Holdings Ltd. This acquisition has sparked a lot of discussion about the future of the brand but so far, it seems that Donatella and Capri Holdings are committed to keeping Versace’s identity intact. Only time will tell how this acquisition will affect the brand in the long run, but for now, Versace remains one of the most iconic luxury fashion brands in the world.

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