Wikipedia

Versace

For other uses, seeVersace (disambiguation).

Gianni Versace S.r.l.(Italian:[ˈdʒanniverˈsaːtʃe]), usually referred to asVersace(/vərˈsɑːtʃeɪ/vər-SAH-chay),[a]is an Italianluxuryfashion company founded byGianni Versacein 1978.[7]The company produces Italian-madeready-to-wearand accessories, as well ashaute coutureunder its Atelier Versace brand[8]and licenses its name and branding toLuxotticafor eyewear.[9]Gianni Versace being a native ofCalabria,in the ancientMagna Grecia(Greater Greece), the company logo is inspired byMedusa,a figure from Greek mythology.[10]

Gianni Versace S.r.l.
Company typeSubsidiary (S.r.l.)
IndustryFashion
Founded1978;46 years ago(1978),as Gianni Versace Donna
FounderGianni Maria Versace
Headquarters
Key people
Products
  • Ready-to-wear
  • haute couture
  • leather accessories
  • footwear
Revenue
  • Increase€1.7 billion (2017)[3]
  • €635 million (2013)[3]
Number of employees
1500
ParentCapri Holdings
Websiteversace

The Brand was founded in1978by Gianni Versace and run after his death by his family: his brotherSanto Versaceand sisterDonatella Versacewhile Donatella's daughter,Allegra Versace Beck,became the controlling shareholder having inherited her uncle Gianni's share. Her brother Daniel inherited much of his Uncles Art Collection.

In September 2018, the company was sold to theMichael Korsgroup Michael Kors Limited and in January 2019, Gianni Versace S.r.l. became part of theCapri Holdings Limitedgroup for $2.12 billion, creating a new luxury group together with Michael Kors andJimmy Choo,keepingDonatella Versaceas head ofCreative Design.[11]

History and operations

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A dress by Gianni Versace

Gianni Versace, the beginning

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Gianni Versace worked from an early age alongside his mother in the family tailor's shop until 5 February 1972. On that day, he leftReggio Calabriato move toMilan,where he initially designed collections for Florentine Flowers. Later that year, he collaborated with De Parisini di Santa Margherita, and his name began to circulate in fashion circles.

In1976,Gianni's older brother,Santo Versace,who had an economics and business degree and an office inMessina,joined him inMilan.Together with Claudio Luti, they decided to open a company bearing Gianni's name. By March 1978, the first Versace collection was showcased at La Permanente in Milan, garnering great appreciation.


Gianni Versace, 1978–1997

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In 1972,Gianni Versacedesigned his first collections for Callaghan, Genny, and Complice.

In 1978, the company launched under the name "Gianni Versace Donna”[12]and opened its first boutique in Milan'sVia della Spiga.[13][14]Gianni independently controlled much of the brand, from designing to retailing.[7]In 1981, the House of Versace released their first-ever fragrance, Gianni Versace for Women. In 1982, the company expanded its offerings to include accessories, jewelry, home furnishings, and china.[15]

In 1993, Donatella Versace added the Young Versace and Versus lines,[12]and from 1994 the company began referring to her as co-designer for Gianni Versace.[16]Also in 1994, the brand gained international coverage from theblack Versace dress of Elizabeth Hurley,referred in the media as "that dress".[17][18][19]

Versace has designed for various music artists, including stage and album cover costumes forElton Johnin 1992 and outfits forMichael Jackson.Versace also designed clothing for thePrincess of WalesandPrincess Caroline of Monaco.[15]

Donatella Versace, 1997–present

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After the murder of Gianni Versace in 1997, his sister Donatella, formerly vice-president, took over as creative director, and his older brotherSanto Versacebecame CEO.[20]Donatella's daughterAllegra Versacewas left a 50 percent stake in the company, which she assumed control of on her eighteenth birthday.[21][22][23]

In 2000, thegreen Versace dressworn byJennifer Lopezat theGrammy Awardsgained extensive media attention. The dress was voted the fifth most iconic dress of all time and Elizabeth Hurley'sblack Versace dresswas voted most iconic dress of all time, according to a 2008Daily Telegraphpoll.[19]

In 2000, Versace began its effort to take control of all aspects of producing and selling its merchandise.[24]With the company's profits in decline in the early 2000s,[21][25]Fabio Massimo Cacciatoriwas hired as interim CEO to reorganise and restructure Versace Group in 2003.[26]Cacciatori resigned in December 2003 due to "disputes with the Versace family".[26]In 2004, Giancarlo di Risio from IT Holding became CEO, until he resigned in 2009 due to disagreements with Donatella.[27][28][29]In May 2016, the Versace Group appointed Jonathan Akeroyd as CEO and board member.[30]

In February 2014,The Blackstone Grouppurchased a 20 percent stake in Versace for€210 million.[31][32][33]

In September 2018,Michael Korsoffered to buy Versace for two billion euros.[34]Versace announced all Blackstone and Versace family shares were sold to Michael Kors Limited.[35]The acquisition was completed in December 2018, withDonatella Versaceremaining head of creative design.[36]In January 2019, Gianni Versace S.r.l. joinedCapri Holdings,forming a new global fashion luxury group alongside Michael Kors andJimmy Choo.[35][37]

In 2018, Versace stopped using fur in its products and in 2020 announced it would stop using kangaroo leather.[38]In October 2018, Versace announced its first Pre-Fall season show in New York, scheduled on Gianni Versace's 2 December birthdate.[39]In 2021, Versace opened its firstSoHo, New Yorkboutique.[40]

Brands

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Atelier Versace

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In 2004, Versace – which as an Italian house is a correspondent member of theChambre Syndicale de la Haute Couture–[41]decided to pull couture off the runway for the first time and, for several years, invited only editors to see the clothes on racks. In 2012, Versace returned to the couture schedule,[42]only to halt its couture shows again from 2017.[41][43]

Versace Classic V2

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From 1990, Versace held a majority stake in VeZe, a joint venture company withErmenegildo Zegna.From 1996, VeZe manufactured the Versace Classic V2 men’s and women’s weardiffusion lines.[44]In 2004, the company decided to cancel the Versace Classic women’s collection and replace the men’s line with a higher-positioned brand known as Versace Collezioni.[45]

VJC Versace

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In 2009, Versace entered into a licensing agreement with Gruppo Facchini for the young line VJC Versace starting with the spring/summer 2010 season. Under the agreement, Gruppo Facchini manufactured and distributed the brand’s apparel and accessories collections for men and women.[46]

Collaborations

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  • In 2006, Gianni Versace S.r.l. collaborated withLamborghinito produce the Lamborghini Murciélago LP640 Versace. The car included a Versace-designed white satin interior with Versace's logo embroidered into the seats. The car was available in black or white and came with a luggage set, driving shoes, and driving gloves. Only ten units were produced.[47]
The Versace boutique inMilan,Italy
Ashtray (22 cm × 22 cm) designed by Versace and produced by German porcelain companyRosenthal
  • In 2008, Versace collaborated withAgustaWestlandto create the AgustaWestland AW109 Grand Versace VIP luxury helicopter, including a Versace leather interior and Versace-designed exterior.[48][49]
  • In 2009, Versace andH&Mreleased a new line for H&M's stores, including men's and women's clothing and home items, such as pillows and blankets.[50]
  • In 2015, Versace collaborated with dancerLil Buckto release a line of sneakers.[51]
  • In 2015, Donatella Versace was featured inRiccardo Tisci'sGivenchycampaign.[52]
  • In 2018,Ronnie Fiegand Donatella Versace debuted theirKithx Versace collection, featuring a modified medusa logo with "KITH" written over its eyes.[53]
  • In 2019, Versace collaborated withTurkish Airlinesto provide amenity kits to business class passengers on long-haul flights. The kits came in separately styled bags for men and women and featured the Versace Eros line of products for men and Versace Eros pour Femme products for women.[54]
  • Versace Men's Fall 2019 collection featured several items with the logo ofFord Motor Company.According to the fashion house, the two companies joined forces to channel "the excitement of buying your first car."[55]
  • In September 2021, Versace presented a joint fashion show withFendi,titled "The Swap",[56]consisting of two collections: Fendi's vision for Versace and Versace's vision for Fendi.[57]This marked the first time two artistic directors of brands in different fashion groups designed collections for each other.[58]
  • In 2021, Versace collaborated withLady Gagato celebrateBorn This Way's tenth anniversary by creating a capsule collection, with proceeds benefiting theBorn This Way Foundation.[59]
  • In 2023, Versace andDua Lipacollaborated to produce a women's collection called 'La Vacanza' which includes beachwear-inspired designs.[60][61]It was planned to be unveiled and presented at theCannes Film Festivalon 23 May 2023 and to be available for delivery immediately after the festival.[62]
647 Fifth Avenuelocation, New York City, 2013

Runway shows

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Donatella Versace enlisted music from South Africangqomduo, FAKA's "Amaqhawe"extended playas the runway soundtrack for theVersace Men's Spring-Summer 2019,collection.[63]

Testimonials

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Celebrity endorsements

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Versace has always counted important public figures and celebrities among its clients. Between 1980 and 1983,Loretta Goggiwas the first Italian artist to flaunt outfits signed by Gianni Versace, which she wore on many public and television occasions.[64]Elton John,who has a strong connection to the Versace family, has consistently worn Versace, just asLady Dianaoften wore the designer's clothing after her separation from Prince Charles. Lady Diana shared a close friendship with Gianni Versace and relied on him for various events.[65]Other celebrities who have worn Versace at public events includeBeyoncé,Cindy Crawford(who famously wore thered dressin 1991),Elizabeth Hurley(who wore the famousSafety Pin Dressin 1994 to the premiere of Four Weddings and a Funeral), andJennifer Lopez(who wore the iconicJungle Dressin 2000) and she often chooses the fashion house for her social engagements.[66]

In July 2011,Lady Gagaexclusively wore vintage outfits, garments from the latest collection, and accessories from the brand for an entire month. She also donned a Versace ensemble in the music video for "The Edge of Glory".[67][68]

In 2020, the singerElodieshowcased the Versace brand at the 2020 Sanremo Music Festival, wearing it on the red carpet and for all four of her performances. She also wore Versace on the red carpet of the Venice Film Festival.[69][70][71]She continued to wear Versace and was invited to the Versace FW2020 event.

Brand ambassadors

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Versace's brand ambassadors have includedHyunjin(since 2023)[72][73][74]Zhao Lusi(since 2023),[75]Ningning(since 2024),[76][77]Cillian Murphy(2024),[78][79][80]Anne Hathaway,[81]Cai Xukun(2024),[82]Rosy Zhao (2023).[83]

Advertising campaigns

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Notable figures who have lent their image to Versace's advertising campaigns includeMadonna(in 1995 and 2005),[84]Ashton Kutcher,Kevin Richardson,Demi Moore,Britney Spears,Christina Aguilera,Patrick Dempsey,Jonathan Rhys Meyers,the musical groupThe Corrs,Halle Berry,Lady Gaga(in 2014),[68][85]andChanning Tatum(in 2024).[86][87]The has been working with several high-profile photographers for its advertisement campaigns, includingRichard Avedon,[88]Steven Meisel(1995),[84]Mert Alas and Marcus Piggott(2011,[89]2014)[84]andBruce Weber(2016).[90]

Runway shows

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Among themodelswho have walked the runway for Versace areCarolyn Murphy,Angela Lindvall,Daria Werbowy,Miriam Escott IV,Christy Turlington,Gisele Bündchen,Kate Moss,Tuki Brando, Graham Love, andJoel West.[citation needed]

Other activities

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Interior design

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Versace was one of the first fashion houses to launch home interiors in 1992, first focused on textiles and later porcelain tableware collections in collaboration with Rosenthal.[91]After having previously manufactured internally, Versace entered into an licensing agreement in 2020 with Lifestyle Design Group, the Italian home design division ofHaworth Group,to produce and distribute the Versace Home furniture.[91]

Palazzo Versace

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Soheil Abedian, ofSunland Group,approached Versace in 1997, proposing a luxury hotel built for the Versace brand. The firstPalazzo Versaceopened on Australia'sGold Coaston 15 September 2000.[92][93]The hotel was sold to a Chinese consortium in December 2012.[94][95]The second Palazzo, thePalazzo Versace Dubai,was completed in December 2015 and is located on the foreshore of Dubai Creek.[96]A third Palazzo, the Palazzo VersaceMacau,is under construction as part of a partnership with Macau's largest casino operatorSJM Holdings.[97][98][99]The Palazzo Versace hotels are the world's first fashion-branded hotels.[100]

Real estate

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In 2015, Versace partnered with Mind Group. The companies designed luxury residential towers in China called the Versace Residencies. The goal of the creators was to combine Versace's luxury home elements with elements of traditional Chinese culture.[101]

Also in 2015, Versace partnered with the ABIL Group in India to develop another luxury residential project, located in South Mumbai.[102]

Further developments include designing interiors for the Damac Tower in Vauxhall, London

Watches and jewelry

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In 2004, Versace sold its Swiss watch subsidiary Versace SA for an undisclosed price toTimex.The subsidiary was renamed Vertime SA and initially held an eight-year license to produce Versace-brand watches, jewelry and writing instruments.[45]

Sunglasses

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Since 2003, Versace has been licensing the development, production and worldwide distribution of sunglasses and prescription frames under its Versace brand toLuxottica.[103]

Operations

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As of 2016,more than 1500 boutiques operate worldwide; the first boutique outside of Italy opened in the Italian Centre,Glasgow,Scotland, in 1991.[104]

Controversy

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In August 2019, Versace produced a range of tops suggesting Hong Kong andMacauwere separate countries. Versace apologized, saying it made a mistake in the design and would destroy the offending clothing.[105]In response to the controversy,Yang Miended her relationship as brand ambassador for Versace.[106]

Notes

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  1. ^According to a January 2018Vogueinterview withDonatella Versace,Versaceis correctly pronounced/vərˈsɑːtʃeɪ/vər-SAH-chayin English as opposed to the popular pronunciation of/vərˈsɑːtʃi/vər-SAH-chee.[4][5][6]

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