Versace (clothing brand)

Versace logo

Versace is an Italian fashion house based in Milan , founded in 1978 by the stylist Gianni Versace and after his death passed into the hands of his family: his brother Santo Versace and his sister Donatella Versace while the daughter her, Allegra Versace Beck , became the controlling shareholder having inherited her uncle Gianni's stake. In September 2018, the company was sold to the Michael Kors Limited group, and in January 2019, the Versace fashion house became part of the Capri Holdings Limited group, creating a new luxury group together with Michael Kors and Jimmy Choo. On July 15 , 1997 , the news of the death of designer Gianni Versace, murdered in front of his Miami Beach villa by Andrew Cunanan, shocked both the company and the entire world. The death of the designer, who leaves his entire fortune to his 11-year-old niece Allegra, causes an inevitable financial crisis for the brand. In 2004, Giancarlo Di Risio, CEO of the group, arrives at the company, who reorganizes the company, eliminating some licenses and cutting some unnecessary expenses. After some years, Santo Versace will report:*"It took us two years to get back on our feet after his death. But Gianni is not really dead, today he has the same strength as he had when he was alive.* " After the death of the designer, Donatella Versace took over the position of creative director of the company. In 1998 a posthumous exhibition was organized in the designer's honor at the Metropolitan Museum of Art in New York . In October 2002 , a Gianni Versace exhibition was organized *at the VA* at the Victoria and Albert Museum in London , dedicated to the life and works of the designer, under the auspices of Claire Wilcox, author of *The Art and Creations of Gianni Versace*. In 2007 it was published in the book "The Versace Myth", dedicated to the life of the designer by the author Minnie Gastel. After the financial crisis of the company in 2001-2002, in 2003 Fabio Massimo Cacciatori starts the reorganization. Since 2004 the CEO of the company is Giancarlo Di Risio from Isernia, who comes from IT Holdings. *In July 2009, Gian Giacomo Ferraris, who comes from the Jil Sander group and creates the clothing lines Versace Collection* and *Versace Jeans,* is appointed as the new CEO . Thus, the company operates in both haute couture and prêt-à-porter. In June 2016, Jonathan Akeroyd, who held the position of CEO at Alexander McQueen until early May 2016, joined the company. In February 2014 , 20% of parent company GiVi (30% of Santo Versace, 20% of Donatella Versace and 50% of Allegra Versace Beck), was bought by the American group Blackstone Group for 210 million euros, valuing the company at 1 billion euros. The typical Versace logo with the jellyfish, a detail from the door of Gianni Versace's Miami Beach residence. In September 2018, the company was bought in its entirety (80% by the Versace family and 20% by Blackstone) by American designer and entrepreneur Michael Kors for 1.83 million euros ($2.12 million). With this acquisition, the Michael Kors group, that is, Michael Kors Limited, a Wall Street- owned company, is changing its name to Capri Holdings because the island is seen as a symbol of glamor and luxury. Donatella Versace is still the creative director of the company. She, her daughter and her brother also receive 150 million euros in Capri Holdings shares. The decision to sell the company, Donatella Versace will say, was made in order to take the brand to its peak. Jonathan Akeroyd remains at the helm of the company as CEO.

Source