Berliner Boersenzeitung - Donatella Versace to give up creative reins of brand after 28 years

The shuffling comes amid reports that larger Italian rival Prada -- which owns Miu Miu -- is in talks to buy Versace, which was co-founded by Donatella Versace's brother, Gianni, in 1978.

The development brings to an end the family control over the creative direction of Versace, a brand beloved of jet-setters and famous for its showy, skin-baring looks and Medusa logo.

Donatella Versace, 69, will become the label's chief brand ambassador beginning April 1, the same day Vitale takes over, owner Capri Holdings Limited said in a statement.

"It has been the greatest honour of my life to carry on my brother Gianni's legacy. He was the true genius, but I hope I have some of his spirit and tenacity," Versace said, adding that she will remain "Versace's most passionate supporter".

Vitale has led the design direction of Miu Miu -- Prada's sister brand which targets a younger clientele -- since 2023, helping to boost the group's bottom line in a challenging environment for luxury fashion.

Miu Miu's retail growth soared 93 percent last year.

Versace boasts "a unique heritage that has spanned decades and has shaped the history of fashion", said Vitale, who is not well known outside the industry.

Fashion group Capri Holdings, which also owns Jimmy Choo and Michael Kors, has owned Versace since 2018.

Prada is reportedly in advanced talks to acquire Versace, with Bloomberg reporting earlier this month a potential price of nearly 1.5 billion euros ($1.6 billion).

Prada executives have not publicly commented on the discussions with Versace, with Chairman Patrizio Bertelli saying earlier this month he was "very cautious" over any possible acquisitions.

- Muse and businesswoman -

One of the industry's most recognisable figures, with her platinum blonde hair and penchant for high heels, Versace spent much of her early life as the self-styled muse to her older brother Gianni, who was murdered in 1997 by a serial killer.

His death thrust the youngest Versace sibling to the helm of the family fashion empire, which she began to lead as its new chief designer at age 42 with no formal fashion training.

Some of the Versace's most well-known looks -- including Jennifer Lopez's cut-to-there filmy green gown worn to the 2000 Grammy's -- were due to the younger Versace's vision and ability to attract celebrities to the brand.

As brand ambassador, Versace will now focus on the company's philanthropic and charity work.

After a period of sales slumps and restructuring, Capri brought the company for 1.83 billion euros in 2018.

Versace's portfolio now including hotels and homeware along with fashion and accessories. It owns 230 boutiques around the world and has more than 400 licensed stores.

Industry observers had also speculated that Vitale could have gone to lead the creative design at Gucci, which let go Sabato de Sarno in February after just two years on the job.

(T.Renner--BBZ)