Versace

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For other uses, see Versace (disambiguation).
Versace
Type Private
Industry Consumer Goods
Founded 1978
Headquarters Milan, Italy
Key people Gianni Versace, Founder
Santo Versace, Chairman & Co-CEO
Gian Giacomo Ferraris, Director & Co-CEO[1]
Donatella Versace, Artistic Director
Products Textiles, Apparel
Revenue
  • IncreaseEU€479.2 million (2013)[2]
  • EU€408.7 million (2012)[2]
Employees 500
Website www.versace.com

Gianni Versace S.p.A. (Italian pronunciation: [ˈdʒanni verˈsaːʧe]), usually referred to as Versace, is an Italian fashion company and trade name founded by Gianni Versace in 1978.

History and operations[edit]

The first Versace boutique was opened in Milan's Via della Spiga in 1978.[3][4] In 1994, the brand gained widespread international coverage due to the "Black Versace dress of Elizabeth Hurley", referred to at the time as "that dress".[5][6][7]

After the death of Gianni Versace in 1997 his sister Donatella Versace, formerly vice-president, took over as creative director and his older brother Santo Versace became CEO.[8] Donatella's daughter Allegra Versace was left a 50 percent stake in the company, which she assumed control of on her eighteenth birthday.[9][10][11]

In 2000, the "green Versace dress" worn by Jennifer Lopez at the 42nd Annual Grammy Awards gained a lot of media attention, being voted as the "fifth most iconic dress of all time" in 2008, with Hurley's 2000 dress being voted first in a Daily Telegraph poll.[7]

The company's profits were in decline in the early 2000s;[9][12] Fabio Massimo Cacciatori was hired as interim CEO to reorganise and restructure the Versace Group in 2003.[13] Cacciatori resigned in December 2003 due to "disputes with the Versace family".[13] From 2004 Giancarlo di Risio, from IT Holding, was CEO of the group until his resignation in 2009 due to disagreements with Donatella.[14][15][16] Since July 2009, Gian Giacomo Ferraris, previously of Jil Sander, has operated as CEO for the group.[17]

In February 2014 The Blackstone Group purchased a 20 percent stake in Versace for 210 million.[18][19][20]

As of August 2013, more than 80 boutiques operate worldwide; the first boutique outside of Italy was opened in Glasgow, Scotland in 1991.[21]

The Versace boutique in Milan, Italy
5th Avenue, NYC, 2013

Palazzo Versace[edit]

Soheil Abedian, of the Sunland Group, approached Versace in 1997 and successfully proposed a luxury hotel built upon the Versace brand; the first Palazzo Versace opened on Australia's Gold Coast on 15 September 2000.[22][23] The hotel was sold to a Chinese consortium in December 2012.[24][25] Two further Palazzos are under construction, the Palazzo Versace Dubai; which is expected to be completed in late 2014;[26] and the Palazzo Versace Macau which was announced in 2013 and will be built in partnership with Macau's largest casino operator SJM Holdings.[27][28][29]

References[edit]

  1. ^ Zargani, Luisa (28 February 2014). "Versace Plots Growth and Eyes IPO by 2020". Women's Wear Daily. Retrieved 14 August 2014. 
  2. ^ a b Mesco, Manuela (2014-03-27). "Gianni Versace profit rose 28% in 2013, lifted by soaring sales". Wall Street Journal. Retrieved 2014-08-14. 
  3. ^ Matthew (2011-01-28). "History of Versace". Fashion in Time. Retrieved 2014-08-14. 
  4. ^ "Gianni Versace profile". Victoria and Albert Museum. 2003-01-12. Retrieved 2014-08-14. 
  5. ^ Gundle, Stephen (2008). Glamour: a history. Oxford University Press. ISBN 978-0-19-921098-5. Retrieved 1 May 2011. 
  6. ^ White, Belinda (3 October 2012). "Not 'That dress' again? Lady Gaga wears Liz Hurley's Versace safety pin gown". The Daily Telegraph. Retrieved 2014-08-14. 
  7. ^ a b Khan, Urmee (2008-10-09). "Liz Hurley 'safety pin' dress voted the greatest dress". The Daily Telegraph. Retrieved 2014-08-14. 
  8. ^ "1997: Versace murdered on his doorstep". BBC News. 1997-07-15. Retrieved 2014-08-14. 
  9. ^ a b Horyn, Cathy (2004-06-15). "A New Half-Owner for Versace, and She's Almost 18". New York Times. Retrieved 2014-08-14. 
  10. ^ "Versace niece's $700m birthday gift". Sydney Morning Herald. 2004-07-02. Retrieved 2014-08-14. 
  11. ^ "Allegra Inherits Versace's Fortune". WENN. Contactmusic.com. 2004-06-30. Retrieved 2014-08-15. 
  12. ^ Freeman, Hadley (2004-10-04). "Versace struggles to regain its touch". The Guardian. Retrieved 2014-08-14. 
  13. ^ a b Valerie (2003-12-18). "Fabio Massimo Cacciatori quits Versace CEO". DesignTAXI.com. Retrieved 2014-08-14. 
  14. ^ "Versace Names Di Risio as Ceo and Strengthens Board". Women's Wear Daily. HighBeam Research. 2004-08-27. Retrieved 2014-08-14. 
  15. ^ Meichtry, Stacy (2009-06-06). "Versace CEO Di Risio Resigns". Wall Street Journal. Retrieved 2014-08-14. 
  16. ^ Meichtry, Stacy (2009-05-22). "Bucked by Designer, Versace CEO Eyes Exit". Wall Street Journal. Retrieved 2014-08-14. 
  17. ^ "FT Business of Luxury Summit 2012 - Gian Giacomo Ferraris". Financial Times. Retrieved 2014-08-14. 
  18. ^ Binnie, Isla (2014-02-27). "Fashion house Versace sells stake to Blackstone to fund growth". Reuters. Retrieved 2014-08-14. 
  19. ^ Binnie, Isla (27 February 2014). "Versace Sells Minority Stake to Blackstone". Retrieved 27 February 2014. 
  20. ^ Mesco, Manuela (2014-02-27). "Versace Sells Minority Stake to Blackstone". Wall Street Journal. Retrieved 2014-08-14. 
  21. ^ Henderson, Damien (2005-02-14). "Glasgow's Versace loss may suit capital". Herald Scotland. Retrieved 2014-08-14. 
  22. ^ "Glitz abounds in Gold Coast tribute to Versace". NZ Herald. 2000-05-27. Retrieved 2014-08-14. 
  23. ^ Templeman, Tiana (2000-09-15). "The Rise and Fall... and Rise... of Palazzo Versace". Let's Travel Magazine. Retrieved 2014-08-14. 
  24. ^ Calligeros, Marissa (2012-02-29). "Gold Coast's Palazzo Versace sold to Chinese for $68.5 million". Brisbane Times. Retrieved 2014-08-14. 
  25. ^ Skene, Kathleen (2014-04-29). "Palazzo Versace GM Russell Durnell leaves five-star hotel's top job". Gold Coast Bulletin. Retrieved 2014-08-14. 
  26. ^ Odedra, Rahul (2014-07-14). "Palazzo Versace issues cooling contract as Dubai project moves towards completion". Arabian Business. Retrieved 2014-08-15. 
  27. ^ Bergin, Olivia (20 August 2013). "Palazzo Versace to open in Macau". The Daily Telegraph. Retrieved 2014-08-15. 
  28. ^ "Versace teams up with SJM to outfit Macau hotel". China Economic Review. SinoMedia Holdings. 21 August 2013. Retrieved 21 August 2013. 
  29. ^ O'Keeffe, Kate (2013-08-21). "Palazzo Versace Hotel Slated for Macau". Wall Street Journal. Retrieved 2014-08-15. 

External links[edit]