Gianni Versace, the founder of the Italian luxury fashion house Versace, was tragically murdered in 1997. Since then, the brand has gone through several changes in ownership. Today, the company is owned by Capri Holdings Limited, a global fashion luxury group that also owns Michael Kors and Jimmy Choo.
The Early Days of Versace
Gianni Versace founded his eponymous brand in 1978 in Milan, Italy. He quickly gained recognition for his bold designs that combined high fashion with rock-and-roll influences. Versace’s designs were worn by some of the biggest names in entertainment, including Madonna and Elton John.
The Tragic Death of Gianni Versace
In 1997, Gianni Versace was shot and killed outside of his Miami Beach home by serial killer Andrew Cunanan. The designer’s death shocked the fashion world and left many wondering what would happen to his iconic brand.
Changes in Ownership
After Gianni Versace’s death, his sister Donatella took over as creative director of the brand. In 1999, the family sold a 20% stake in the company to American investment bank Goldman Sachs. This move was made to help fund expansion plans for the brand.
In 2011, private equity firm Blackstone Group acquired a 20% stake in Versace. Two years later, another private equity firm called Investcorp purchased a 20% stake in the company.
Capri Holdings Limited Takes Over
In September 2018, it was announced that Capri Holdings Limited had acquired Versace for $2.12 billion USD. Capri Holdings Limited is led by fashion designer Michael Kors and also owns luxury brands Michael Kors and Jimmy Choo.
The Future of Versace
Under the ownership of Capri Holdings Limited, Versace has continued to thrive. Donatella Versace remains the brand’s creative director and has been instrumental in bringing the brand into the digital age. Versace has also expanded its product offerings beyond clothing to include accessories, home goods, and even hotels.
In Conclusion
While Gianni Versace may no longer be with us, his namesake brand continues to thrive under the ownership of Capri Holdings Limited. With Donatella Versace at the helm and a commitment to innovation and expansion, it’s clear that the future of Versace is bright.