Description
Gianni Versace S.r.l., usually referred to as Versace (/vərˈsɑːtʃeɪ/ vər-SAH-chay), is an Italian luxury fashion company founded by Gianni Versace in 1978 known for flashy prints and bright colors. The company produces Italian-made ready-to-wear and accessories, as well as haute couture under its Atelier Versace brand and licenses its name and branding to Luxottica for eyewear. Gianni Versace being a native of Calabria, in the ancient Magna Grecia (Greater Greece), the company logo is inspired by Medusa, a figure from Greek mythology.
History
In 1972, Gianni Versace designed his first collections for Callaghan, Genny, and Complice. In 1978, the company launched under the name "Gianni Versace Donna” and opened its first boutique in Milan's Via della Spiga. Gianni independently controlled much of the brand, from designing to retailing. In 1982, the company expanded its offerings to include accessories, jewelry, home furnishings, and china. In 1993, Donatella Versace added the Young Versace and Versus lines. In 1994, the brand gained international coverage from the black Versace dress of Elizabeth Hurley, referred in the media as "that dress".
Versace has designed for various music artists, including stage and album cover costumes for Elton John in 1992 and outfits for Michael Jackson. Versace also designed clothing for the Princess of Wales and Princess Caroline of Monaco.
After the murder of Gianni Versace in 1997, his sister Donatella, formerly vice-president, took over as creative director, and his older brother Santo Versace became CEO. Donatella's daughter Allegra Versace was left a 50 percent stake in the company, which she assumed control of on her eighteenth birthday.
In 2000, the green Versace dress worn by Jennifer Lopez at the Grammy Awards gained extensive media attention. The dress was voted the fifth most iconic dress of all time and Elizabeth Hurley's black Versace dress was voted most iconic dress of all time, according to a 2008 Daily Telegraph poll.
With the company's profits in decline in the early 2000s, Fabio Massimo Cacciatori was hired as interim CEO to reorganise and restructure Versace Group in 2003. Cacciatori resigned in December 2003 due to "disputes with the Versace family". In 2004, Giancarlo di Risio from IT Holding became CEO, until he resigned in 2009 due to disagreements with Donatella. In May 2016, the Versace Group appointed Jonathan Akeroyd as CEO and board member.
In February 2014, The Blackstone Group purchased a 20 percent stake in Versace for €210 million.
As of 2016, more than 1500 boutiques operate worldwide; the first boutique outside of Italy opened in Glasgow, Scotland, in 1991.
In September 2018, Michael Kors offered to buy Versace for two billion euros. Versace announced all Blackstone and Versace family shares were sold to Michael Kors Limited. The acquisition was completed in December 2018, with Donatella Versace remaining head of creative design. In January 2019, Gianni Versace S.r.l. joined Capri Holdings Limited, forming a new global fashion luxury group alongside Michael Kors and Jimmy Choo.
In 2018, Versace stopped using fur in its products and in 2020 announced it would stop using kangaroo leather. In October 2018, Versace announced its first Pre-Fall season show in New York, scheduled on Gianni Versace's December 2 birth date. In 2021, Versace opened its first SoHo, New York boutique.
