Versace: from Past to Future

A clear idea of the brand’s legacy to address future challenges.

INTRODUCTION: VERSACE NOW

Recent tumultuous changes involving Versace raise questions about the future of the brand.

On April 10th Prada Group announced to buy 100% of Versace from Capri Holdings for €1.25 bn.

On March 13^th, Dario Vitale, former design and image director of Miu Miu, was appointed to replace Donatella Versace as the new Chief Creative Officer, marking the end of a significant era in the fashion world.

But what do these changes mean?

To answer this question, it’s necessary to recount Versace’s legacy and understand the reasons behind the drastic actions undertaken by the management.

“I am not interested in the past, except as the road to the future.”

Gianni Versace

GIANNI VERSACE

*Naomi Campbell, Carla Bruni and Gianni in London, 1992*

Versace roots lie in Calabria, the region of South Italy where Gianni Versace grew up learning the art of clothes making from his mother, a well-known seamstress in Italy. The little kid made his first dress at 9, already demonstrating a marked attitude towards enhancing sensuality of the feminine body. About forty years later, Princess Diana wore a version of that creation.

Gianni Versace’s career as a designer officially began in the small shop next to his mother Francesca’s studio, where the future designer displayed ready-to-wear collections by Walter Albini and Karl Lagerfeld. Enchanted by his taste, customers began to see in young Gianni a guide to whom they could turn for advice.

Versace arrived in Milan in 1972 to design clothes for Genny, Complice and Callaghan. In 1978, the first collection to bear his name was presented in the halls of the Palazzo della Permanente. The same year, he opened his first boutique on Via Della Spiga in the city. From then on, Gianni Versace’s career was marked by a series of awards. In 1982, for example, he won the Occhio d’oro award for best designer of a womenswear collection, thanks to the metal mesh that, together with the Medusa, would become the brand’s stylistic signature.

SYMBOLISM

The Versace logo was inspired by Gianni’s childhood fascination with mythology and Italian art, particularly the story of Medusa, which he encountered while exploring ancient Roman ruins in his hometown. The logo features Medusa’s head, a Greek mythological Gorgon whose gaze could turn people to stone. Medusa symbolizes beauty, transformation, and power, embodying the essence of the Versace brand.

GIANNI VERSACE KEY RUNWAYS

Versace Pop Art, SS 91

Versace has always shown how fashion and art inevitably intersect each other; for the spring-summer 1991 collection, Gianni, an avid art collector, worked with the Andy Warhol Foundation to realize colourful prints that referenced paintings of famous artists.

The Supermodels Finale, FW 91

Gianni Versace was both an incredibly talented designer and a marketing genius. As Donatella recalled in the Italian podcast Muschio Selvaggio, the supermodels that we know today were invented by Gianni. The stylist, inspired by the video clip of George Micheal’s famous single “Freedom”, played the song and called Linda Evangelista, Cindy Crawford, Naomi Campbell, and Christy Turlington to walk the runway for the grand finale. This moment consecrated the supermodels as icons, inspiring people from all over the world with their looks.

Versace Bondage Collection: Miss S&M, FW 1992

Before this collection, Gianni primarily mixed the bourgeois standards of the day and the darker sides of the night of the 80s workers in Milan and New York, recognizing the possibility of having multiple dimensions.

In Miss S&M, instead, the irrational and animalistic side prevails, exalting sensuality and expressing the camp side of gay culture.

Versace Punk Show: SS 1994

Closely related to the bondage collection of 1992, the show’s main reference was the punk culture of the 1970s.

Elizabeth Hurley’s appearance at the Four Weddings and a Funeral premiere in this Versace dress launched her into the spotlight and gave the fashion house a further boost.

Gianni Versace’s Last Show: “Atelier Versace”, FW 1997

When the fashion world, facing a severe economic and political crisis, embraces a minimalism represented by Prada, Jil Sander, Helmut Lang, Martin Margiela, and many others, Versace focuses his narrative on solitary references, even declaring to be inspired by his collogues. An exceptional tailoring ability supported this theoretical aspect, distinguishing Gianni’s work from his contemporaries like Thierry Mugler or Claude Montana.

GIANNI’S DEATH

Gianni was murdered at his “Villa Casa Casuarina” on July 15, 1997, by a 27-year-old Andrew Cunanan, founded dead later. The homicide has been recounted by Ryan Murphy in the TV series American Crime Story: The Assassination of Gianni Versace.

Subsequently, his younger sister and muse, Donatella, took over as creative director, while his older brother Santo oversaw the business side as CEO of the brand.

DONATELLA VERSACE

Donatella previously designed Versus Versace, a diffusion line launched in 1989 as a gift from Gianni to his sister. Versus was suspended from 2005 to 2009 and relaunched with a capsule collection of accessories in collaboration with Christopher Kane, JW Anderson, and Anthony Vaccarello. In 2018, Versus merged with the Versace Jeans line.

KEY RUNWAYS

Versace Jungle Dress: SS 2000

This show is a concrete representation of how fashion can influence the world around us. The Versace jungle dress worn by Jennifer Lopez for the 2000s Grammys was so searched on the web that it led to the birth of Google Images. Donatella later proposed a new version of the dress for SS 2020; wearing the dress was, of course, JLO, who closed the show with the energy and passion that only Versace can convey.

Gianni Tribute: SS 2018

Dedicated to Gianni, this collection featured dresses in oroton, a metal mesh used by the Maison’s founder in 1982. The material was characterized by a soft touch that set it apart from the Paco Rabanne one.

Donatella chose the top models Naomi Campbell, Cindy Crawford, Claudia Schiffer, Carla Bruni and Helena Christensen to walk the catwalk, creating an iconic moment to celebrate his brother.

La Greca: FW 2021

A new monogram debuted in the Versace fall winter 2021: la Greca, defined as a “modern tridimensional labyrinth”. The show also saw the comeback of Aevitas pumps, which became desirable it-shoes.

La Vacanza: Pre-fall 2023

Codesigned by Donatella and Dua Lipa, the collection was inspired by the Italian “Dolce Vita”, a lifestyle of headless pleasure that the singer loves.

The partnership confirmed the strong bond between the brand and artists and coronated the female empowerment embodied by Donatella and Dua.

OVERVIEW

Creative Crisis

Donatella brought many iconic moments to the brand, but we must admit that there was no real creative revolution. While firmly at the company’s helm, she hasn’t managed to bring in someone with the ability to critically assess the brand from an outside perspective, thus making it impossible for the brand to detach from its legacy and evolve.

Financial Crisis

Financial results reflected these creative struggles: between 2018 and 2025, Versace’s economic performance was marked by declining revenues and operational losses. Revenues dropped by 15% in the third quarter of fiscal 2025, with a $21 million loss in the third quarter of fiscal 2025, reflecting challenges in maintaining profitability.

FUTURE CHALLENGES

Creative Challenges

“I believe that to be superficial, a person must be very profound”

-Gianni Versace

Unfortunately, Gianni’s complex and multifaceted figure did not survive, also due to the lack of exhibitions dedicated to him. We are left with an over-glorification of the founder, hiding a superficial and empty glamour.

Hence, Dario Vitale, Versace’s newly appointed creative director, must address these obstacles to growth and disentangle Gianni’s personal and professional life. To do so, an accurate understanding of the founder’s work is crucial to innovate without erasing origins. Therefore, the bourgeois dressing of the Mediterranean that is in the DNA of the fashion house, has to be explored objectively, in both its conflicts and explosivity.

Managerial Challenges

Capri, previously known as Michael Kors, bought Versace more than six years ago for €1.8 billion. The US holding company has now agreed to sell the brand to Prada Group for €1.25 bn, a price subject to adjustments at closing.

According to experts, Prada is a better fit than it may seem. Ryce Quillin, economist and co-founder of a luxury strategy agency, highlights how a conglomerate like Prada could focus on long-term growth and help Versace to express its potential. “Versace is a big name, but it is still a relatively small business that should be bigger,” says Neil Saunders, managing director of Globaldata’s US retail division.

To re-establish growth, experts agree that the potential new owner must balance long-term brand value creation and short-term operational efficiencies, focusing on solid storytelling, craftmanship and global expansion in Asia and the Middle East.

Emphasizing the quality and values that once made the brand powerful is key to reinforcing Versace position as a high-fashion leader. An acquisition by Prada could strengthen this effort, fostering a unique and dynamic partnership between two powerful women: Miuccia and Donatella.

By Camilla Stasia Padula

Sources:

https://www.voguebusiness.com/story/fashion/a-to-do-list-for-versaces-next-owner?status=verified

https://www.businessoffashion.com/news/luxury/versace-would-strengthen-prada-but-come-at-a-cost

https://steadyhq.com/it/andrea-batilla-newsletter-en/posts/8116c530-c496-41a9-9ff0-40f952a2bc74

https://www.harpersbazaar.com/it/moda/storie/a44473906/gianni-versace-biografia