Donatella Versace stepping back from role at Versace: ‘Always in my heart’ #CanadaFinance

Donatella Versace is stepping back from her longtime role at Versace.

The younger sister of the luxury fashion brand’s founder, the late Gianni Versace, announced her departure as Versace’s creative director in an Instagram post Thursday.

“It has been the greatest honor of my life to carry on my brother Gianni’s legacy,” Versace, 69, captioned the post. “He was the true genius, but I hope I have some of his spirit and tenacity.” During her time at Versace, she has strengthened the brand’s reputation globally because of her close friendships with A-list celebrities.

Versace’s intersection with the world of celebrity has led to iconic pop culture moments.

Jennifer Lopez wore a famous Versace dress to the 2000 Grammy Awards, cementing her as a fashion star, and later re-wore a version of the dress for Milan Fashion Week in 2019, nearly 20 years after the original moment. The brand also has a long-standing relationship with British singer Dua Lipa, which culminated in marketing campaigns and a subsequent dress collection. Donatella Versace is also a close friend of the Kardashian-Jenner family.

“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,” Versace wrote.

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She concluded the caption, writing, “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.”

In a Versace Instagram story, Vitale said he’s “truly honored” to be replacing Versace in his new role. Versace took the reins of her family’s eponymous fashion brand after the July 1997 murder of her brother Gianni Versace in Miami.

The move comes amid reports that Prada is moving closer to a deal to buy Versace from luxury fashion group Capri — which owns Michael Kors, Versace and Jimmy Choo — after agreeing to a price of nearly $1.6 billion.

Versace was bought by Capri Holdings for $1.87 billion in 2018. However, the brand has struggled in recent months, reporting a 6.6% drop in revenues to $1.03 billion for the fiscal year ending March 2024. Sales are seen to fall further to $810 million in 2025, before returning to growth in 2027.