Dario Vitale replaces Donatella Versace as design chief as Prada circles

Milan — Donatella Versace is to step down as the main designer for Versace after almost three decades, a move that has fanned talk of a sale of the business to rival Italian fashion house Prada.

Donatella, who was chief creative officer at Versace, has been its driving force since her brother Gianni, the company founder, was gunned down in Miami in 1997.

The move, announced by owner Capri Holdings on Thursday, comes amid reports that Prada is moving closer to a deal to buy Versace from Capri after agreeing to a price of nearly €1.5bn.

Dario Vitale, who until earlier this year was the design and image director at Miu Miu, a smaller brand within the Prada group, will assume Donatella’s role from April 1.

Donatella, 69, will take on the role of chief brand ambassador at Versace.

“It has been the greatest honour 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,” she said.

“I am thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes.”

The timing of the move is intriguing with Prada seen as on the cusp of a deal that would unite two of the biggest names in Italian fashion.

“Versace has been struggling, so it’s not surprising that a change is being made,” said David Swartz, an analyst with Morningstar. “The brand has lost relevance and has fallen behind similar European luxury brands. I don’t know if bringing in Dario Vitale is directly related to the potential sale to Prada, but it seems like it makes it even more likely.”

Prada has also been reported to be interested in buying Jimmy Choo, another Capri brand.

Change by design

Donatella Versace gave the brand a bold and provocative aesthetic. Her connections with many big-name celebrities helped to reinforce the brand’s appeal.

Miu Miu, a label launched by Miuccia Prada as an offshoot of the main business in 1993, has a more sober look and has been growing rapidly. Vitale, an Italian, worked for Miu Miu from 2010 until a few weeks ago.

“Versace and Miu Miu are very different brands and have very different customers,” said Federico Giglio, CEO of Giglio.com, an Italy-based retailer.

The Miu Miu customer likes more detail, a classy look, while remaining playful, whereas the Versace woman has a brasher and sexy style, he added.

“A good designer, however, knows how to identify with the DNA of the company and add his personal touch.”

Vitale’s appointment is the latest in a series of high-profile designer changes in the industry as it seeks to rebuild its business amid slowing luxury demand in China and inflation-weary shoppers.

Earlier this year Gucci design chief Sabato De Sarno left the Italian label after less than two years in the job.

Versace reported a 6.6% drop in revenue to $1.03bn for the fiscal year ending March 2024. Sales are seen to fall further to $810m in 2025, before returning to growth in 2027.

Versace, founded by Gianni Versace in Milan in 1978, was bought by US group Michael Kors, now known as Capri Holdings, for €1.8bn in 2018. The Versace family received €150m of the sale price in Capri shares.

Reuters