By Elisa Anzolin and Keith Weir
MILAN (Reuters) – Donatella Versace, who helped to ensure the survival of the family fashion empire after the killing of her brother Gianni almost three decades ago, is to step down as the brand’s chief designer, its owner announced on Thursday.
Donatella took on the role of chief creative officer after Gianni, who founded the company, was shot dead outside his Miami Beach mansion by serial killer Andrew Cunanan in 1997.
“Since 1997, Donatella has led the creative vision for the House of Versace and played an integral role in the company’s global success,” said John D. Idol, Chairman and Chief Executive Officer of Capri Holdings, which now owns the brand.
Donatella stepped up to maintain and revive a brand that had been synonymous with daring designs for actress Elizabeth Hurley and supermodels including Claudia Schiffer and Naomi Campbell. Instantly recognisable for her striking outfits and blonde hair, she brought a bold and provocative aesthetic.
“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, 69, who will move to the role of chief brand ambassador next month.
In her personal life she overcame cocaine addiction, and with the help of outside managers helped to turn around the business so that it was back in the black by 2011.
Donatella’s designs remained popular with celebrities including Madonna and Jennifer Lopez, who famously wore a striking green Versace dress to the Grammys in 2000, as well as Lady Gaga.
Versace, known for its Medusa head logo, expanded to serve a wider luxury market in areas such as home decor and also began to design jet and yacht interiors.
Her move comes amid talk of a possible takeover of Versace, which has been going through a lean period financially, by fellow Italian fashion brand Prada.
In a recent interview with Vogue editor-in-chief Anna Wintour, Donatella expressed her weariness with the fashion industry’s current upheaval.
“Being told what to do, being told what’s going to sell… I think fashion is creativity and creativity is instinct. If you try to please too many people, too many managers, creativity is gone,” she said.
FAMILY TIES
Donatella enjoys a strong following on social media, with more than 12 million followers on Instagram. She is a long-standing supporter of the LGBTQ+ community, working with groups such as Stonewall and the Elton John AIDS Foundation.
Born the youngest of four children in a family from the southern Italian city of Reggio Calabria, she had an elder sister who died at the age of 12, as well as two older brothers, Gianni and Santo.
Her mother was a dressmaker and Donatella was allowed to play with fabric offcuts as a young child.
She moved to Florence to study languages but spent increasing amounts of time in Milan where Gianni, eight years her senior, was setting up his fashion business in the late 1970s.
Donatella was influential in the expansion of the business and Gianni gave her the Versus fragrances and accessories arm to run by herself.
After Gianni’s killing, the company was split between Donatella, who got a 20% stake, her brother Santo who received 30%, while Donatella’s daughter Allegra was allocated the remaining 50%.
Allegra was only 11 at the time of the killing and inherited when she turned 18. She has largely remained out of the public eye.
The business initially struggled to regain momentum after the killing of Gianni but it attracted outside investment after returning to profit.
U.S. private equity firm Blackstone bought a 20% stake in 2014. The company was then bought out by U.S. group Michael Kors, later renamed Capri Holdings, for 1.8 billion euros in 2018.
The Versace family received 150 million euros of the purchase price in Capri shares.
(Writing by Keith Weir; Editing by Alexandra Hudson)
