If you are a fashion enthusiast, you must have heard of Versace. The brand is known for its bold designs, luxurious fabrics, and iconic prints.
But have you ever wondered who owns the brand Versace? Let’s dive into the history and ownership of this iconic fashion brand.
Founding of Versace
Versace was founded in 1978 by Gianni Versace, an Italian designer. He started his fashion career as a freelance designer for various fashion houses in Italy. In 1978, he launched his own brand, which quickly gained popularity among celebrities and fashion enthusiasts.
The Tragic End of Gianni Versace
In 1997, Gianni Versace was tragically murdered outside his Miami Beach mansion. This event left the fashion world in shock and created uncertainty about the future of the Versace brand.
Ownership of Versace
After the death of Gianni Versace, his brother Santo took over as CEO. However, in 2004, Gianni’s niece Allegra inherited 50% of the company’s shares after she turned 18 years old. Donatella Versace, Gianni’s sister, also has a significant role in the company as the creative director.
In 2018, Michael Kors Holdings Limited (now Capri Holdings Limited) acquired Versace for $2.12 billion. Despite this acquisition, Donatella and Santo still hold leadership positions within the company.
The Future of Versace
Under the leadership of Donatella and Santo, along with Michael Kors’ resources and expertise in luxury fashion brands, Versace has continued to thrive. The brand has expanded its product line to include accessories such as bags and jewelry while maintaining its signature bold style.
In Conclusion
Versace is a legendary fashion brand that has gone through many changes over the years. While Gianni Versace was the original founder, his family members have taken on leadership roles within the company. Now, with the backing of Capri Holdings Limited, Versace is poised to continue its legacy as a leader in luxury fashion.