This morning, the fashion industry reacted strongly to the announcement of Dario Vitale‘s departure from Versace. Vitale, who was appointed in March as the first non-family member to oversee the creative direction of the renowned brand, presented only one collection during September’s fashion week. His official exit is scheduled for December 12, marking a pivotal change in the company’s leadership.
In a related development, the Prada Group has completed the acquisition of Versace in a landmark deal valued at $1.25 billion. This acquisition not only alters the trajectory of the brand but also positions Lorenzo Bertelli, heir to the Prada empire, as the new executive chairman. Despite its rich cultural heritage, Versace has faced financial challenges, reporting a 15% revenue decline in the fiscal year of 2025.
Implications of the acquisition
Bertelli expressed gratitude towards Dario for his significant role in shaping the brand’s creative strategy during this transition period. He extended best wishes for Dario’s future endeavors. The creative team will continue to function under the leadership of Emmanuel Gintzburger, the current CEO, as they prepare for the upcoming Fall/Winter fashion week scheduled for February and March.
Strategic shifts and leadership changes
The recent acquisition of Versace by the Prada Group signals a broader strategy to navigate the complexities surrounding the luxury brand. Versace, previously owned by Capri Holdings, was acquired for over $2.1 billion in 2018. The sale occurred after a failed attempt by Tapestry, the parent company of Coach, to acquire Capri Holdings. This merger was blocked by the US Federal Trade Commission due to concerns regarding potential market monopolization in the affordable luxury sector.
The departure of Vitale, viewed as a key figure in shaping the Prada Group’s vision for Versace, has fueled speculation regarding the brand’s future creative direction. Vitale, a longtime deputy of Miuccia Prada at Miu Miu, significantly contributed to elevating the brand’s appeal among younger fashion enthusiasts.
Fashion week and the future outlook
Vitale’s brief tenure at Versace involved a single collection, interpreted as a bold exploration of the brand’s established aesthetic. The collection was showcased at the Pinacoteca Ambrosiana in Milan and garnered positive reviews for its sensual and rebellious elements, reminiscent of Gianni Versace’s earlier designs.
Critics highlighted the collection’s emphasis on vintage styles, particularly influenced by the 1990s. The designs featured vividly colored trousers and intricate baroque details, appealing to fans of the brand’s storied legacy. Provocative items such as unbuttoned jeans and backless tank tops marked a significant shift from the more polished trends currently prevalent on runways.
The implications for Versace
The impending changes at Prada Group
The Prada Group has announced upcoming organizational changes, sparking discussions about a possible rift between creative director Fabio Vitale and the company’s leadership. Such shifts often stem from financial difficulties or responses to market trends. However, Vitale’s collection has not yet been made available in stores, complicating the narrative surrounding his departure.
The speculation of successors
As the fashion community assesses these developments, speculation around potential successors for Vitale has surfaced. Industry insider Pierre A. M’Pelé suggested on social media that Donatella Versace may be poised for a significant return to the brand. Nonetheless, the veracity of these claims remains unclear.
The luxury fashion industry is undergoing significant changes, marking a new phase in designer leadership. Versace is expected to enter a transformative period, signaling a shift in its strategic direction.