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Donatella Versace Steps Down After Nearly 30 Years, Dario Vitale to Succeed Her

Donatella Versace announces her transition from creative director to brand ambassador as Dario Vitale takes leadership, amidst potential acquisition rumors by Prada.

Overview

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After nearly 30 years, Donatella Versace has announced her departure as chief creative officer of Versace, transitioning to chief brand ambassador on April 1. Dario Vitale, previously the design director at Miu Miu, will take over as creative director, marking the first time a non-family member leads Versace's creative vision. Donatella expressed her honor in carrying on her brother Gianni's legacy, while emphasizing her continued support for the brand. This leadership transition occurs amid rumors of a possible acquisition of Versace by Prada, further complicating the brand's recent struggles with declining sales.

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Analysis

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  • Donatella Versace's departure as creative director marks a significant transition in the fashion house she has led since 1997, a notable change after nearly 30 years under her leadership.
  • She will now focus on the role of chief brand ambassador, emphasizing her commitment to the brand's legacy and support for new designers, while Dario Vitale takes over the creative direction.
  • Capri Holdings describes the leadership change as part of a thoughtful succession plan aimed at revitalizing Versace's brand identity and financial performance.

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FAQ

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Donatella Versace is stepping down as part of a thoughtful succession plan, allowing her to transition into a new role as chief brand ambassador. This move also aligns with broader strategic changes within Capri Holdings, the parent company of Versace.

Dario Vitale, formerly the design and image director at Miu Miu, will succeed Donatella Versace as the chief creative officer of Versace, starting April 1, 2025.

There are rumors that Prada Group is in discussions to acquire Versace from Capri Holdings, with a potential deal valued at nearly €1.5 billion EUR ($1.6 billion USD).

Versace has experienced a decline in sales, with its latest financial report showing a 28.2% decrease in quarterly revenue. Despite its iconic brand status, Versace's sales have fallen to just over $1 billion USD.

History

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  • 4M
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    4 articles