Donatella steps down as Versace design chief as sale talk swirls

STORY: Donatella Versace will step down from her role as chief creative officer of the Versace brand.

She’s served almost three decades at the company that was founded by her late brother Gianni.

The news was announced by Versace owner Capri Holdings on Thursday (March 13).

And comes amid reports that Prada is moving closer to a deal to buy Versace from Capri, after agreeing to a price of nearly $1.6 billion.

Dario Vitale, former design and image director at Miu Miu, will take on Donatella’s role from April 1st.

Sixty-nine-year-old Donatella will take on a new role as Versace’s chief brand ambassador.

She said that it had been the greatest honor of her life to carry on her brother Gianni’s legacy.

It’s the latest in a series of high-profile changes in the fashion industry.

As it battles slowing luxury demand in China and inflation-weary shoppers.

Versace reported a 6.6% drop in revenues to over $1 billion for the fiscal year ending March 2024.

Sales are predicted to fall further this year, before returning to growth in 2027.