Versace is a luxury fashion brand that has a rich history dating back to 1978 when it was founded by Gianni Versace in Milan, Italy. Since then, the brand has expanded its reach globally and has become one of the most recognizable names in the fashion industry. However, despite its success and popularity, there is still some confusion surrounding who exactly owns Versace.
Gianni Versace: The Founder
Gianni Versace was the mastermind behind the creation of Versace. He started his career in fashion at a young age working for his mother’s dressmaking business.
After studying architecture and art in college, he began designing clothing for other brands before launching his own label. With his eye for detail and use of bold prints and colors, Gianni quickly made a name for himself in the fashion world.
The Versace Family
After Gianni’s tragic death in 1997, control of the company passed on to his siblings: Santo, Donatella, and Allegra. Santo became the CEO of the company while Donatella took over as creative director. Allegra inherited 50% of the company when she turned 18 in 2004.
Santo Versace
Santo was born in Italy in 1944 and served as Gianni’s right-hand man throughout his career. He was responsible for overseeing much of the business side of things while Gianni focused on design. After Gianni’s death, Santo took over as CEO and continued to grow the company.
Donatella Versace
Donatella is perhaps the most well-known member of the family thanks to her work as creative director of Versace. She was born in Italy in 1955 and worked closely with her brother throughout his career. After his death, she took over as head designer and has been responsible for many of the brand’s most iconic collections.
Allegra Versace
Allegra is the daughter of Donatella and was born in 1986. When she turned 18, she inherited 50% of the company from her uncle Gianni. While she does not play an active role in the day-to-day operations of the company, her stake in the business makes her one of the wealthiest women in Italy.
The Acquisition by Michael Kors
In 2018, it was announced that Versace would be acquired by American fashion brand Michael Kors. The deal was reportedly worth $2.1 billion and would see Michael Kors Holdings Limited become Capri Holdings Limited, with Versace joining other luxury brands like Jimmy Choo and Michael Kors under its umbrella.
Despite this acquisition, the Versace family still retains a stake in the company. Donatella will remain on as creative director while Santo will continue to serve as chairman of the board.
Conclusion
In conclusion, while there have been changes in ownership and leadership over the years, it’s clear that Versace remains a family business at heart. From Gianni’s founding vision to Donatella’s ongoing contributions as creative director, each member of the Versace family has played a crucial role in shaping the brand into what it is today.
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