The game of musical chairs advances with a breathtaking speed as two new announcements surfaced in the fashion industry today.
America’s Capri Holdings today announced that Donatella Versace will no longer be the Chief Creative Office at her namesake brand, Versace, instead assuming the position of Chief Brand Ambassador. In her new role, she will take care of the brand’s philanthropic efforts, while remaining a champion for the Italian brand, of course.
Ms. Versace will be replaced by Dario Vitale effective April 1, 2025. Mr. Vitale, who was the Design and Image Director at Miu Miu previously, expressed his enthusiasm: “The House of Versace has a unique heritage that has spanned decades and has shaped the history of fashion. I want to express my sincere thank you to Donatella for her trust in me, and for her tireless dedication to the extraordinary brand that Versace is today.”
It’s surely a bitter-sweet moment for Ms. Versace, who led the brand since 1997 – a magnificent 28 years – after her brother Gianni Versace passed away. During her time, she saw the brand expand to include women’s, men’s, and children’s ready-to-wear, shoes, bags and accessories, Atelier Versace haute couture, eyewear, fragrances, watches, Palazzo Versace hotels and Versace Home homeware. As of now, Versace has a network of 230 owned boutiques and over 400 licensed stores worldwide.
Ms. Versace had a daring, powerful view of Versace, where dressing was unapologetically bold and fierce. Her unique style merged power with sensuality that only comes from confidence.
This change, however, comes amid much speculation around Versace. After the failed merger between Tapestry and Capri Holdings, there have been reports that Prada is closing in on a $1.6 billion deal to acquire the ailing Versace brand. The appointment of Mr. Vitale – who comes from the Prada-owned Miu Miu – seems like a step in the same direction.
“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…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,” Ms. Versace signed off.
In another major upheaval, Demna Gvasalia has been announced as the new Artistic Director for Gucci, leaving his post at Balenciaga for the Italian brand.
Demna, who joined Balenciaga in 2015, revived the brand as he radicalized the entire fashion world with designs that were sometimes unwearable, and quite satirical of the world around us. Balenciaga also became one of the most expensive brands to buy. During his 10 years at Balenciaga, he brought a streetwear aesthetic to the brand, infusing it with an avant-gardist attitude. Even then, he will be mostly known for his ‘woke’ attitude for fashion at Balenciaga, addressing it more as a political statement rather than just dressing.
Gucci, on the other hand, has been suffering from a lack of identity, and sales. Bringing Mr. Gvasalia to the fold, the designer will begin at Gucci from July 2025. During the past three years, Gucci has seen the departure of Alessandro Michele and Sabato De Sarno, mainly due to red financial bottom line.
Francesca Bellettini, Kering Deputy CEO in charge of Brand Development, said, “Demna’s profound understanding of contemporary culture, coupled with his extensive experience in conceiving visionary projects, has established him as one of the most influential and accomplished creatives of his generation. His appointment as Artistic Director is the perfect catalyst to reignite Gucci’s creative energy.”
At one of its lowest moments, Gucci needs a pick-me-up, and fast. Both Balenciaga and Gucci are owned by Kering. According to last quarter report (Q4 2024), while Gucci sales were down by 24%, Kering reported that “Balenciaga’s leather goods continued to be well received.”
Perhaps, this was the fastest solution – and the most apt – that Kering could find for Gucci. And we are waiting with bated breath to see what Demna will do for the Italian brand!
