Donatella Versace is to step down as the main designer for the Versace brand after almost three decades, a move that has fanned talk of a sale of the business to rival Italian fashion house Prada (1913.F), opens new tab.
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 (CPRI.N), opens new tab on Thursday, comes amid reports that Prada (1913.F), opens new tab 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.
