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Versace

Coordinates: 45°28′59″N 9°11′42″E / 45.48306°N 9.19502°E / 45.48306; 9.19502
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For other uses, see Versace (disambiguation).
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)[2]
  • €635 million (2013)[2]
Number of employees
1500
ParentCapri Holdings
Websiteversace.com

Gianni Versace S.r.l. (Italian pronunciation: [ˈdʒanni verˈsaːtʃe]), usually referred to as Versace (/vərˈsɑːtʃeɪ/ vər-SAH-chay),[a] is an Italian luxury fashion company founded by Gianni Versace in 1978 known for flashy prints and bright colors.[6][7][8] The company produces Italian-made ready-to-wear and accessories, as well as haute couture under its Atelier Versace brand[9] and licenses its name and branding to Luxottica for eyewear.[10] Being Gianni Versace a native of Calabria, in the ancient Magna Grecia (Greater Greece), the company logo is inspired by Medusa, a figure from Greek mythology.[11]

History and operations

A dress by Gianni Versace

In 1972, Gianni Versace designed 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's Via della Spiga.[13][14] Gianni independently controlled much of the brand, from designing to retailing.[6] 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] In 1994, the brand gained international coverage from the black Versace dress of Elizabeth Hurley, referred in the media as "that dress".[7][16][17]

Versace has designed for various music artists, including stage and album cover costumes for Elton John in 1992 and outfits for Michael Jackson. Versace also designed clothing for the Princess of Wales and Princess Caroline of Monaco.[15]

After the murder of Gianni Versace in 1997, his sister Donatella, formerly vice-president, took over as creative director, and his older brother Santo Versace became CEO.[18] Donatella's daughter Allegra Versace was left a 50 percent stake in the company, which she assumed control of on her eighteenth birthday.[19][20][21]

In 2000, the green Versace dress worn by Jennifer Lopez at the Grammy Awards gained extensive media attention. The dress was voted the fifth most iconic dress of all time and Elizabeth Hurley's black Versace dress was voted most iconic dress of all time, according to a 2008 Daily Telegraph poll.[17]

With the company's profits in decline in the early 2000s,[19][22] Fabio Massimo Cacciatori was hired as interim CEO to reorganise and restructure Versace Group in 2003.[23] Cacciatori resigned in December 2003 due to "disputes with the Versace family".[23] In 2004, Giancarlo di Risio from IT Holding became CEO, until he resigned in 2009 due to disagreements with Donatella.[24][25][26] In May 2016, the Versace Group appointed Jonathan Akeroyd as CEO and board member.[27]

In February 2014, The Blackstone Group purchased a 20 percent stake in Versace for €210 million.[28][29][30]

As of 2016, more than 1500 boutiques operate worldwide; the first boutique outside of Italy opened in Glasgow, Scotland, in 1991.[31]

In September 2018, Michael Kors offered to buy Versace for two billion euros.[32][33] Versace announced all Blackstone and Versace family shares were sold to Michael Kors Limited.[34] The acquisition was completed in December 2018, with Donatella Versace remaining head of creative design.[35] In January 2019, Gianni Versace S.r.l. joined Capri Holdings Limited, forming a new global fashion luxury group alongside Michael Kors and Jimmy Choo.[34][36]

In 2018, Versace stopped using fur in its products and in 2020 announced it would stop using kangaroo leather.[37] In October 2018, Versace announced its first Pre-Fall season show in New York, scheduled on Gianni Versace's December 2 birth date.[38] In 2021, Versace opened its first SoHo, New York boutique.[39]

Collaborations

  • In 2006, Gianni Versace S.r.l. collaborated with Lamborghini to 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.[40]
The Versace boutique in Milan, Italy
Ashtray (22 cm × 22 cm) designed by Versace and produced by German porcelain company Rosenthal
  • In 2008, Versace collaborated with AgustaWestland to create the AgustaWestland AW109 Grand Versace VIP luxury helicopter, including a Versace leather interior and Versace-designed exterior.[41][42]
  • In 2009, Versace and H&M released a new line for H&M's stores, including men's and women's clothing and home items, such as pillows and blankets.[43]
  • In 2015, Versace collaborated with dancer Lil Buck to release a line of sneakers.[44]
  • 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.[45]
  • Also in 2015, Versace partnered with the ABIL Group in India to develop another luxury residential project, located in South Mumbai.[46]
  • In 2015, Donatella Versace was featured in Riccardo Tisci's Givenchy campaign.[47]
  • In 2018, Ronnie Fieg and Donatella Versace debuted their Kith x Versace collection, featuring a modified medusa logo with "KITH" written over its eyes.[48]
  • In 2019, Versace collaborated with Turkish Airlines to 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.[49]
  • Versace Men's Fall 2019 collection featured several items with the logo of Ford Motor Company. According to the fashion house, the two companies joined forces to channel "the excitement of buying your first car."[50]
  • In September 2021, Versace presented a joint fashion show with Fendi, titled "The Swap",[51] consisting of two collections: Fendi's vision for Versace and Versace's vision for Fendi.[52] This marked the first time two artistic directors of brands in different fashion groups designed collections for each other.[53]
  • In 2021, Versace collaborated with Lady Gaga to celebrate Born This Way's tenth anniversary by creating a capsule collection with proceeds benefiting the Born This Way Foundation.[54]
647 Fifth Avenue location, New York City, 2013

Palazzo Versace

Soheil Abedian, of Sunland Group, approached Versace in 1997 proposing a luxury hotel built for the Versace brand. The first Palazzo Versace opened on Australia's Gold Coast on 15 September 2000.[55][56] The hotel was sold to a Chinese consortium in December 2012.[57][58] The second Palazzo, the Palazzo Versace Dubai, was completed in December 2015 and is located on the foreshore of Dubai Creek.[59] A third Palazzo, the Palazzo Versace Macau, is under construction as part of a partnership with Macau's largest casino operator SJM Holdings.[60][61][62] The Palazzo Versace hotels are the world's first fashion-branded hotels.[63]

Controversy

In August 2019, Versace produced a range of tops suggesting Hong Kong and Macau were separate countries. Versace apologized, saying it made a mistake in the design and would destroy the offending clothing.[64] In response to the controversy, Yang Mi ended her relationship as brand ambassador for Versace.[65]

Notes

  1. ^ According to a January 2018 Vogue interview with Donatella Versace, Versace is correctly pronounced /vərˈsɑːtʃeɪ/ vər-SAH-chay in English as opposed to the popular pronunciation of /vərˈsɑːtʃi/ vər-SAH-chee.[3][4][5]

References

  1. ^ a b "Bloomberg". Retrieved 20 March 2015.
  2. ^ a b Mesco, Manuela (25 April 2016). "Gianni Versace profit rose 17% in 2015, lifted by soaring sales". Il Corriere della Sera. Retrieved 25 May 2017.
  3. ^ Vogue (31 January 2018), 73 Questions With Donatella Versace | Vogue, archived from the original on 31 October 2021, retrieved 2 March 2018
  4. ^ "You've probably been pronouncing 'Versace' wrong, according to Donatella". Harper's Bazaar. 2 February 2018. Retrieved 2 March 2018.
  5. ^ Bruno Mars (13 August 2017), Bruno Mars – Versace On The Floor [Official Video], archived from the original on 31 October 2021, retrieved 2 March 2018
  6. ^ a b Davis, Daniel (2011). Versace. New York: Infobase Learning. p. 29. ISBN 9781604139808.
  7. ^ a b White, Belinda (3 October 2012). "Not 'That dress' again? Lady Gaga wears Liz Hurley's Versace safety pin gown". The Daily Telegraph. Retrieved 14 August 2014.
  8. ^ Sun, Carol (Autumn 2001). "Transformation Parlor". Art Journal. 60 (3): 42–47. doi:10.1080/00043249.2001.10792076. S2CID 220275008.
  9. ^ "Atelier Versace Collection | US Online Store". Versace. Retrieved 20 July 2021.
  10. ^ Zargani, Luisa (10 April 2020). "Versace, Luxottica Renew Eyewear License". Womens Wear Daily. Retrieved 3 September 2022.
  11. ^ "Versace Logo And Its Golden History: Everything You Need To Know | LOGO.com". logo.com. Retrieved 2 May 2022.
  12. ^ a b "Brand History". Versace. Retrieved 27 April 2018.
  13. ^ Matthew (28 January 2011). "History of Versace". Fashion in Time. Retrieved 14 August 2014.
  14. ^ "Gianni Versace profile". Victoria and Albert Museum. 12 January 2003. Retrieved 14 August 2014.
  15. ^ a b "Versace". Made-In-Italy.com. Retrieved 26 March 2016.
  16. ^ Gundle, Stephen (2008). Glamour: a history. Oxford University Press. ISBN 978-0-19-921098-5. Retrieved 1 May 2011.
  17. ^ a b Khan, Urmee (9 October 2008). "Liz Hurley 'safety pin' dress voted the greatest dress". The Daily Telegraph. Archived from the original on 11 January 2022. Retrieved 14 August 2014.
  18. ^ "1997: Versace murdered on his doorstep". BBC News. 15 July 1997. Retrieved 14 August 2014.
  19. ^ a b Horyn, Cathy (15 June 2004). "A New Half-Owner for Versace, and She's Almost 18". The New York Times. Retrieved 14 August 2014.
  20. ^ "Versace niece's $700m birthday gift". Sydney Morning Herald. 2 July 2004. Retrieved 14 August 2014.
  21. ^ "Allegra Inherits Versace's Fortune". WENN. Contactmusic.com. 30 June 2004. Retrieved 15 August 2014.
  22. ^ Freeman, Hadley (4 October 2004). "Versace struggles to regain its touch". The Guardian. Retrieved 14 August 2014.
  23. ^ a b Valerie (18 December 2003). "Fabio Massimo Cacciatori quits Versace CEO". DesignTAXI.com. Retrieved 14 August 2014.
  24. ^ "Versace Names Di Risio as Ceo and Strengthens Board". Women's Wear Daily. HighBeam Research. 27 August 2004. Archived from the original on 21 September 2014. Retrieved 14 August 2014.
  25. ^ Meichtry, Stacy (6 June 2009). "Versace CEO Di Risio Resigns". Wall Street Journal. Retrieved 14 August 2014.
  26. ^ Meichtry, Stacy (22 May 2009). "Bucked by Designer, Versace CEO Eyes Exit". Wall Street Journal. Retrieved 14 August 2014.
  27. ^ "Company Profile | Versace US". Versace. Retrieved 14 March 2019.
  28. ^ Binnie, Isla (27 February 2014). "Fashion house Versace sells stake to Blackstone to fund growth". Reuters. Retrieved 14 August 2014.
  29. ^ Binnie, Isla (27 February 2014). "Versace Sells Minority Stake to Blackstone". Retrieved 27 February 2014.
  30. ^ Mesco, Manuela (27 February 2014). "Versace Sells Minority Stake to Blackstone". Wall Street Journal. Retrieved 14 August 2014.
  31. ^ Henderson, Damien (14 February 2005). "Glasgow's Versace loss may suit capital". Herald Scotland. Retrieved 14 August 2014.
  32. ^ Dalton, Matthew; Kapner, Suzanne (24 September 2018). "Michael Kors Woos Versace in Push for Foothold in High Fashion". The Wall Street Journal. ISSN 0099-9660. Retrieved 25 September 2018.
  33. ^ "Michael Kors shares sink amid Versace rumors". New York Post. 25 September 2018. Retrieved 25 September 2018.
  34. ^ a b "Versace Company Profile | UK Online Store". Versace. Retrieved 14 March 2019.
  35. ^ Capri Holdings press release
  36. ^ "Michael Kors Buys Fashion Label Versace for $2.2 Billion". Bloomberg.com. 25 September 2018. Retrieved 6 August 2020.
  37. ^ Jack Dutton, "Versace bans kangaroo skin following pressure from activists," The National 16 January 2020.
  38. ^ "Versace To Host First Pre-Fall Show In New York". 14 October 2018. Retrieved 14 October 2018.
  39. ^ Turra, Alessandra (26 July 2021). "Versace Makes Retail Push in the U.S." WWD. Retrieved 9 August 2021.
  40. ^ Smeyers, Mark (30 September 2006). "Murciélago LP640 Versace". Lambo Cars. Retrieved 4 April 2016.
  41. ^ "11 Incredibly Expensive Choppers". BabaMail. December 2014. Retrieved 4 April 2016.
  42. ^ Gumuchian, Marie-Louise (20 March 2008). "Buckle up to Travel in Versace-Style Chopper". Reuter's. Retrieved 4 April 2016.
  43. ^ Wischhover, Cheryl (20 October 2011). "Here It Is: Versace for H&M, The Complete Collection". Fashionista. Retrieved 4 April 2016.
  44. ^ Carlos, Marjon (30 October 2015). "Versace and Lil Buck's Sneaker Collaboration Takes Flight Today". Vogue. Retrieved 4 April 2016.
  45. ^ Martens, Cynthia (11 March 2015). "Versace to Partner With China's Mind Group". WWD. Retrieved 4 April 2016.
  46. ^ "ABIL Group partners with luxury brand Versace". Bricking News. 29 October 2015. Retrieved 4 April 2016.
  47. ^ Conlon, Scarlett (15 June 2015). "Donatella on Her Givenchy Campaign". Vogue. Retrieved 4 April 2016.
  48. ^ "Kith Debuted Upcoming Versace Collaboration at Its 'Kith Park' Runway". Fashionista. Retrieved 13 January 2019.
  49. ^ Clark, Jonny. "Turkish launches two new amenity kits, with Versace for Business Class and Mandarina Duck for Economy (You heard us right!)". Thedesignair.net. Retrieved 19 August 2022.
  50. ^ "Versace Men's Fall 2019". WWD. 12 January 2019. Retrieved 13 January 2019.
  51. ^ "The Swap: Donatella Versace and Kim Jones | Online Store US". Versace. Retrieved 27 September 2021.
  52. ^ "Fabulous Friends – The Swap presented Kim Jones's vision for Versace and Donatella Versace's interpretation of Fendi. This is not a collaboration". Twitter. Retrieved 27 September 2021.
  53. ^ Zargani, Luisa (26 September 2021). "Donatella Versace, Kim Jones on Why Swapping Brands Is Brave". WWD. Retrieved 27 September 2021.
  54. ^ Okwodu, Janelle (1 June 2021). "Lady Gaga and Versace Team Up for a Stunning Capsule Collection". Vogue. Retrieved 29 August 2022.
  55. ^ "Glitz abounds in Gold Coast tribute to Versace". The New Zealand Herald. 27 May 2000. Retrieved 14 August 2014.
  56. ^ Templeman, Tiana (15 September 2000). "The Rise and Fall... and Rise... of Palazzo Versace". Let's Travel Magazine. Retrieved 14 August 2014.
  57. ^ Calligeros, Marissa (29 February 2012). "Gold Coast's Palazzo Versace sold to Chinese for $68.5 million". Brisbane Times. Retrieved 14 August 2014.
  58. ^ Skene, Kathleen (29 April 2014). "Palazzo Versace GM Russell Durnell leaves five-star hotel's top job". Gold Coast Bulletin. Retrieved 14 August 2014.
  59. ^ Fahy, Michael (10 September 2015). "Palazzo Versace hotel in Dubai to open in December". The National. Retrieved 30 March 2016.
  60. ^ Bergin, Olivia (20 August 2013). "Palazzo Versace to open in Macau". The Daily Telegraph. Retrieved 15 August 2014.
  61. ^ "Versace teams up with SJM to outfit Macau hotel". China Economic Review. SinoMedia Holdings. 21 August 2013. Archived from the original on 20 October 2013. Retrieved 21 August 2013.
  62. ^ O'Keeffe, Kate (21 August 2013). "Palazzo Versace Hotel Slated for Macau". Wall Street Journal. Retrieved 15 August 2014.
  63. ^ "History". Palazzo Versace. Retrieved 30 March 2016.
  64. ^ "Versace, Givenchy and Coach Apologize to China After T-Shirt Row". The New York Times. 12 August 2019.
  65. ^ He, Huifeng (11 August 2019). "Versace in trouble for tops that imply Hong Kong is not part of China". South China Morning Post. Retrieved 11 August 2019.
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