Is Donatella Versace about to arrive at the iconic fashion brand that bears her name? More importantly, is Capri Holdings, Versace’s U.S. corporate owner, about to say goodbye to Donatella? Or?
Versace’s contract with Capri Holdings expires in February, and if media reports and widespread rumors are to be believed, Donatella’s future at her family’s company is uncertain.
As first reported by WWD, Capri Holdings is reportedly working with Barclays to sell both Versace and Jimmy Choo and focus on relaunching American ready-to-wear brand Michael Kors. are.
Versace’s contract with Capri expires next month, but the designer is said to have repeatedly clashed with Capri CEO John D. Idle. Last week, Italian industry outlet MF Fashion reported that Donatella’s contract signed in February would not be renewed. MF speculates that Donatella Versace’s successor will be Dario Vitale, who recently stepped down as Miu Miu’s design director.
So far, Versace’s press office has not confirmed or denied the report, and has not responded to requests for comment from The Hollywood Reporter Rome.
Co-founded by Gianni Versace and his brother Santo in 1978, the luxury fashion house was an instant success and became an overnight legend in the fashion industry and culture as a whole. A few years later, Gianni’s sister Donatella joined the company as an assistant.
From the beginning, Gianni Versace distinguished himself with a bold, iconic and recognizable style characterized by baroque patterns and bright colors. The Medusa logo was chosen as a symbol of enchanting beauty that captivates all who see it. (Another part of the legend, the part where everyone turns to stone, was omitted from the promo copy).
During the 1980s and 1990s, Versace stood alongside Armani as the epitome of Italian high fashion. In the 90s, Gianni Versace played a key role in the rise of the careers of supermodels such as Naomi Campbell, Cindy Crawford, Marpessa Hennink, and Claudia Schiffer. He collaborated with artists such as Andy Warhol and designed costumes for the La Scala Opera House.
After Gianni’s murder in Miami on July 15, 1997 (an event detailed in the second season of Ryan Murphy’s American Crime Story), creative direction passed to Donatella, also inherited 20 percent of the company’s stock. Her brother Santo received 30 percent. Donatella’s daughter Allegra inherited 50 percent of the company. Gianni’s partner Antonio D’Amico was also included in the will, along with a pension and the right to live in the Versace home.
Unfortunately, family conflicts arose and Antonio did not feel welcome. Eventually, D’Amico got the cash and left the Versace family.
The first few years of the ‘post-Gianni’ era were not easy, with the brand undergoing a series of CEO changes and facing results that were far from its past glories. As sales declined and losses mounted, Donatella Versace’s role was often criticized and questioned. There are also reports of discord within the family. Sources say her relationship with her brother Santo is strained and combative. Santo is isolated and eventually stripped of his powers by his sister.
Although the company struggled under Donatella, she stayed on and Versace recovered after a while, it was clear to many inside and outside the brand that Donatella was no Gianni.
In 2014, the family-owned company announced an agreement to sell 20 percent of the state to the Blackstone Foundation. Four years later, the company was acquired by Capri Holdings Group for $2.12 billion, with Donatella remaining as creative director.
Rumors are now mounting that she could possibly be forced to leave the company. Capri Holdings is said to be dissatisfied with its performance. According to WWD, the designer has repeatedly clashed with Capri CEO John D. Idle.
Following its acquisition by Capri Holdings, the brand’s revenue reached $1.1 billion in 2023. However, a slowdown in global demand, particularly China, is impacting economic performance. From April to June, Versace’s revenue fell 15.4%, with an operating loss of $17 million, while sales in Europe and the United States declined significantly.
But Donatella’s departure will still mark a turning point in the fashion world. She is the last Versace to take an active role within the brand. Her younger brother Santo has long taken a break from the fashion world, devoting himself to philanthropy through the foundation that bears his name. In addition to her role as a designer, Donatella has gained huge popularity on social media and become a media celebrity thanks to her civic and philanthropic work and support of LGBTQIA+ rights. Last May, she was awarded the title Grand Officer of the Order of Merit of the Italian Republic, one of Italy’s highest civilian honors.
With less than two weeks until Milan Fashion Week, the question on many people’s minds is: Will this be Donatella Versace’s last catwalk?
