Versace is a fashion brand that has become synonymous with luxury, glamour, and high-end fashion. The brand was founded in 1978 by the late Gianni Versace, who quickly became one of the most influential designers of his time. However, after Gianni’s tragic death in 1997, the Versace company underwent a significant change in ownership.
The Early Days of Versace
Gianni Versace founded the company in Milan, Italy, with his brother Santo and sister Donatella. The trio worked together to build a brand that would become one of the most recognizable names in fashion. Gianni’s designs were known for their bold prints, bright colors, and daring cuts that challenged traditional notions of what luxury fashion should be.
The Tragic Death of Gianni Versace
In 1997, Gianni Versace was tragically murdered outside his Miami Beach mansion. The designer’s death sent shockwaves through the fashion world and left his family reeling. In the aftermath of his passing, there was uncertainty about what would happen to the company he had built.
Ownership Changes
Following Gianni’s death, control of the company passed to his siblings Santo and Donatella. The two worked together to continue their brother’s legacy and keep the brand at the forefront of the fashion industry. However, in 2004, Italian businessman Giancarlo Di Risio was appointed CEO of the company and helped lead it through a period of expansion.
In 2018, Michael Kors Holdings Limited (now known as Capri Holdings Limited) announced that it had acquired Versace for $2.12 billion USD. The move was seen as a significant shift for both brands as Michael Kors was primarily known for its affordable luxury handbags and accessories.
The Current State of Versace
Under Capri Holdings Limited ownership, Versace has continued to thrive in the luxury fashion industry. Donatella Versace remains the chief creative officer of the brand, and her designs continue to push boundaries and challenge traditional notions of what luxury fashion should be.
Conclusion
In conclusion, while Versace has undergone significant changes in ownership since its founding, it has remained at the forefront of the luxury fashion industry. The brand’s commitment to innovation and creativity has allowed it to stay relevant in an ever-changing market. As we look ahead to Versace’s future, it is clear that the company will continue to stay true to its roots while also embracing new opportunities for growth and expansion.