Gianni Versace, the founder of the iconic fashion brand, passed away in 1997 leaving behind a legacy that continues to inspire the fashion industry today. With his sudden death, there was a question that arose about who would inherit his fortune and continue his legacy. Let’s take a closer look at who inherits Versace.
Gianni Versace’s Will
In his will, Gianni Versace left 50% of his fashion empire to his beloved niece, Allegra Versace. Allegra, who was only 11 years old at the time of her uncle’s death, inherited the majority share of the company worth approximately $500 million.
The Remaining Shares
The remaining shares were distributed amongst Gianni’s older brother Santo Versace and sister Donatella Versace. As per Gianni’s will, Santo received 30% of the company shares while Donatella, who was also Gianni’s muse and creative director, received 20%.
Santo Versace
Santo took over as the chairman of the company after Gianni’s untimely passing and played a crucial role in expanding their business globally. He was responsible for taking Versace public on the Milan Stock Exchange in 1997.
Donatella Versace
Donatella has been an integral part of the brand since its inception and is known for her bold designs that have been worn by some of the biggest names in Hollywood. She took over as creative director after her brother’s death and has continued to lead the brand with her unique vision.
The Acquisition by Michael Kors
In September 2018, it was announced that American fashion brand Michael Kors had acquired Versace for $2.1 billion. With this acquisition, the Versace family no longer held a stake in the company. However, Donatella continued to be involved in the creative direction of the brand.
Conclusion
In conclusion, Allegra Versace inherited 50% of the fashion empire while Santo and Donatella received 30% and 20% respectively. The Versace family’s influence on the brand came to an end with its acquisition by Michael Kors in 2018. Despite this change, Versace remains an iconic fashion brand with a rich legacy that will continue to inspire generations to come.