After thirty years, Donatella Versace has stepped down as creative director at the brand founded by her late brother Gianni.
Dario Vitale, former design and image director of Miu Miu, takes her place as the luxury industry struggles with a long, painful slowdown – and as Versace’s US owner considers a sale.
Capri Holdings, which also owns Michael Kors and Jimmy Choo, is in talks to offload after its merger with Coach and Kate Spade owner Tapestry was blocked by the FCC.
Capri paid $2.1 billion for Versace back in 2018, but sales have been on a steady decline, and Italian couture house Prada, which owns Miu Miu, reportedly has an exclusive bidding window.
At Miu Miu, Vitale drove a 97.3 per cent growth in revenue, while other fashion brands headed the other way.
Miuccia Prada built both her companies with a blend of style, philosophy and intellectual rigour. It’s translated well into the influencer era.
Photo credits: Venturelli/Getty Images
