Versace is a luxury fashion brand that has been around for more than four decades. Founded by Gianni Versace in 1978, the brand quickly became popular for its bold designs and luxurious materials.
However, after Gianni’s death in 1997, the ownership of the company has changed hands several times. In this article, we’ll take a closer look at who currently owns Versace.
Gianni Versace
Gianni Versace was the founder and original owner of the brand. Born in Reggio Calabria, Italy in 1946, he showed an interest in fashion from a young age.
After studying architecture, he started working in the fashion industry as a freelance designer. In 1978, he founded his own company, which quickly became a success.
The Versace Family
After Gianni’s death in 1997, ownership of the company was passed on to his family. His sister Donatella took over as creative director, while his brother Santo became CEO. Donatella had already been working for the company for many years and had helped her brother create some of his most iconic designs.
Under their leadership, Versace continued to grow and expand into new markets. The company went public in 1999 and started trading on the Milan Stock Exchange.
The Blackstone Group
In 2014, the Versace family sold a 20% stake in the company to private equity firm The Blackstone Group for €210 million ($287 million). This allowed them to raise capital while still retaining control of the company.
At the time of the sale, Donatella said: “we believe that Blackstone’s investment and global perspective will help us realize Versace’s full potential.”
Michael Kors Holdings Limited
In September 2018, it was announced that Michael Kors Holdings Limited would be acquiring Versace for $2.12 billion. The deal was completed in December of that year.
Under the new ownership, Donatella Versace remained as creative director and Santo Versace became a board member. John Idol, the CEO of Michael Kors Holdings, said that the acquisition was part of the company’s plan to build a global fashion luxury group.
Conclusion
In conclusion, Versace has changed hands several times since its founding in 1978. While it started out as a family-owned business, it has since been owned by private equity firms and now by Michael Kors Holdings Limited. However, despite these changes in ownership, the brand’s bold designs and luxurious materials have remained a constant.