As Prada buys Versace for $1.25bn, a look back at Gianni Versace’s murder and his Princess Diana friendship
Prada has agreed to buy Versace for €1.25bn ($1.38bn) from Capri Holdings.
John D. Idol, the Chairman of Capri Holdings said in a statement that “Versace is an iconic Italian fashion luxury house founded 46 years ago by Gianni Versace and further developed under the creative vision of Donatella Versace.
“Over the last six years, we have made tremendous progress in repositioning the brand to place greater emphasis on its luxury heritage and exceptional craftsmanship. Through elevated product, marketing and store enhancements, the brand is now well positioned for sustainable long-term growth. We are confident that Prada Group is the perfect company to further guide Versace into its next era of growth and success.”
John D. Idol went on to say that “This transaction reflects our commitment to increase shareholder value, strengthen our balance sheet and power the future growth of Michael Kors and Jimmy Choo. We will continue to execute on the strategic initiatives shared at our recent Investor Day and remain confident in the long-term growth potential of Michael Kors and Jimmy Choo.”
The Prada Group also released a statement which read in part: “Within the Prada Group, Versace will maintain its creative DNA and cultural authenticity, while benefitting from the full strength of the Group’s consolidated platform, including industrial capabilities, retail execution and operational expertise.”
Patrizio Bertelli, Prada Group Chairman and Executive Director, also commented on the acquisition and said: “We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftmanship and heritage. We aim to continue Versace’s legacy celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships. Our organisation is ready and well positioned to write a new page in Versace’s history, drawing on the Group’s values while continuing to execute with confidence and rigorous focus.”
Who is Donatella Versace?
Last month, Donatella Versace, the sister of the late Gianni Versace, stepped down as creative director of the brand after 30 years, she was replaced by Dario Vitale, who is a former design director for Miu Miu.
After stepping down from her role, it was announced that Donatella Versace would take on a new brand ambassador role. She first became creative director of Versace in 1997 after her brother Gianni was murdered.
Donatella Versace took to Instagram a month ago and wrote: “Championing the next generation of designers has always been important to me. I am thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes. I want to thank my incredible design team and all the employees at Versace that I have had the privilege of working with for over three decades.
“It has been the greatest honor of my life to carry on my brother Gianni’s legacy.
He was the true genius, but I hope I have some of his spirit and tenacity.
“In my new role as Chief Brand Ambassador, I will remain Versace’s most passionate supporter. Versace is in my DNA and always in my heart.”
What happened to Gianni Versace?
On July 15, 1997, Gianni Versace was murdered by serial killer Andrew Cunanan, outside Gianni’s Miami Beach mansion, Casa Casuarina. Three months after his death, Donatella Versace took over as creative director and dedicated her debut collection to him.
When it came to Donatella and Gianni’s relationship, British Vogue reported that “More than just his closest confidante, Donatella was his muse, present at every show and by his side in the atelier day and night. She played a crucial role in shaping the Versace image, drawing in celebrities and cementing the brand’s place at the intersection of fashion and pop culture.”
Were Gianni Versace and Princess Diana friends?
Yes, Gianni Versace and Princess Diana were friends and Princess Diana was described as Versace’s ‘Poster Girl.’ Gianni Versace was murdered on July 15, 1997 and only two months later on August 31, 1997, Princess Diana was killed in a car crash in Paris. Along with the likes of Sir Elton John, Princess Diana attended the funeral of Gianni Versace on July 22, 1997.