If you’re a fashion enthusiast, you’ve probably heard of Versace, the Italian luxury fashion label that’s known for its bold designs and vibrant colors. But have you ever wondered who owns this iconic empire?
The Versace Family
The Versace family is the founder and current owner of the Versace brand. The late Gianni Versace founded the company in 1978, and his sister Donatella took over as creative director after his death in 1997. Donatella’s daughter Allegra inherited 50% of the company when she turned 18, while her uncle Santo and aunt Tina hold the remaining shares.
Gianni Versace: The Founder of Versace
Gianni Versace was born in Reggio Calabria, Italy in 1946. He started his career in fashion by working for his mother’s sewing business. In 1978, he founded the Versace brand with his brother Santo and sister Donatella.
Versace quickly gained recognition for its bold designs and use of color, which were unlike anything else on the market at the time. The brand became a favorite among celebrities and was often seen on red carpets around the world.
Donatella Versace: The Creative Director
After Gianni’s death in 1997, Donatella took over as creative director of the company. She has continued to uphold her brother’s legacy by designing collections that are daring and innovative.
Donatella is known for her close relationships with celebrities like Lady Gaga and Jennifer Lopez, who often wear her designs. She has also been an advocate for LGBTQ+ rights, making sure to include diverse models in her runway shows.
Allegra Versace: The Inheritor
Allegra inherited 50% of the company when she turned 18 years old. This made her one of the youngest billionaires in the world at the time.
Although she doesn’t play an active role in the company, Allegra has been known to attend fashion shows and events. She is considered to be a significant shareholder in the Versace brand.
Santo and Tina Versace: The Remaining Shareholders
Santo and Tina are Gianni’s older siblings and hold the remaining shares of the company. Santo is known for his business acumen, having served as chairman of the board for many years. Tina serves as a consultant for the company.
Together, Santo and Tina have helped to grow the Versace brand into a global empire with stores in over 100 countries.
- The Acquisition by Michael Kors
In 2018, it was announced that Michael Kors Holdings had purchased Versace for $2.1 billion. The deal gave Michael Kors ownership of 100% of the Versace brand.
Despite this acquisition, Donatella has remained as creative director of the company, ensuring that it stays true to its roots while also expanding into new markets.
In Conclusion
The Versace empire is still very much owned by the Versace family, with Donatella at its helm as creative director. While there have been changes over time, including an acquisition by Michael Kors Holdings, the brand’s bold designs and use of color remain as striking today as they were when Gianni first founded it over 40 years ago.