Donatella Versace is to step down as the main designer for the Versace brand after almost three decades, a move that has fanned talks of a sale of the business to rival Italian fashion house Prada.
Donatella, who was the chief creative officer at Versace, has been its driving force since her brother Gianni, the company founder, was gunned down in Miami in 1997.
The move, announced by owner Capri Holdings on Thursday, comes amid reports that Prada is moving closer to a deal to buy Versace from Capri after agreeing to a price of nearly 1.5 billion euros ($1.6 billion).
Dario Vitale, who was until earlier this year the Design and Image Director at Miu Miu, a smaller brand within the Prada group, will take Donatella's role as Chief Creative Officer effective on April 1.
Donatella, 69, will take on the role of chief brand ambassador at Versace.
"It has been the greatest honor 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," said Donatella.
"I am thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes," she added.
The timing of the move was intriguing with Prada seen as on the cusp of a deal that would unite two of the biggest names in Italian fashion.
"Versace has been struggling, so it's not surprising that a change is being made," said David Swartz, an analyst with Morningstar.
"The brand has lost relevance and has fallen behind similar European luxury brands. I don't know if bringing in Dario Vitale is directly related to the potential sale to Prada, but it seems like it makes it even more likely," he added.
Prada has also been reported to be interested in buying Jimmy Choo, another Capri brand.
DESIGN CHANGES
Donatella Versace gave the brand a bold and provocative aesthetic. Her connections with many big-name celebrities helped to reinforce the brand's appeal.
Miu Miu, a label launched by Miuccia Prada as an offshoot of the main business in 1993, has a more sober look and has been growing rapidly.
Vitale, an Italian, worked for Miu Miu from 2010 until a few weeks ago.
"Versace and Miu Miu are very different brands and have very different customers," said Federico Giglio, chief executive of Giglio.com, an Italy-based retailer.
The Miu Miu customer likes more detail, a classy look, while remaining playful, whereas the Versace woman has a brasher and sexy style, he added.
"A good designer, however, knows how to identify with the DNA of the company and add his personal touch," he said.
Vitale's appointment is the latest in a series of high-profile designer changes in the industry as it seeks to rebuild its business amid slowing luxury demand in China and inflation-weary shoppers.
Earlier this year Gucci design chief Sabato De Sarno left the Italian label after less than two years in the job.
Versace reported a 6.6% drop in revenues to $1.03 billion for the fiscal year ending March 2024. Sales are seen to fall further to $810 million in 2025, before returning to growth in 2027.
Versace, founded by Gianni Versace in Milan in 1978, was bought by U.S. group Michael Kors, now known as Capri Holdings, for 1.8 billion euros ($1.9 billion) in 2018. The Versace family received 150 million euros of the sale price in Capri shares.
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Italian fashion house Prada has agreed to acquire Versace from Capri Holdings in a $1.375 billion deal, aiming to boost its presence in the global luxury market and revive the iconic but struggling brand.
An acquisition of Versace by Italian luxury group Prada, opens new tab would create a company with a broader base that is more resistant to business cycles, but reviving the targeted brand could take years and hit short-term profits.
Prada is reportedly exploring the acquisition of Versace, with Capri Holdings considering the sale of its luxury brands, including Jimmy Choo, as it refocuses on Michael Kors. The potential deal comes ahead of Donatella Versace's contract expiration in February 2025.
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