Miu Miu’s former design and picture director Dario Vitale has been appointed chief inventive officer of Versace, succeeding the long-lasting Italian designer Donatella Versace, BoF can completely affirm.
Vitale, who left his publish at Prada-owned Miu Miu in January, will step into his new place at first of April. After three many years on the inventive helm, Donatella Versace, 69, will proceed to be an advocate for the model began by late brother Gianni in 1978, taking up the function of “chief model ambassador.”
“It has been the best honour of my life to hold on my brother Gianni’s legacy,” Donatella Versace mentioned in an announcement, including that she was “excited to see Versace by way of new eyes.” In her new function, she is going to deal with supporting the model’s philanthropic and charitable endeavours together with the Versace Basis.
The change comes as Miu Miu-owner Prada Group is reportedly inching nearer to shopping for Versace from Capri Holdings in a $1.5 billion deal, which may see Vitale returning to the Prada fold. The American group — nonetheless reeling after an $8.5 billion deal to merge with Coach-owner Tapestry was blocked by the US Federal Commerce Fee final yr — has been re-evaluating its portfolio, which additionally consists of Michael Kors and Jimmy Choo.
Versace’s model has lengthy been larger than its enterprise. Following its 2018 acquisition by Capri, the group aimed to develop the Italian label, recognized globally for its maximalist prints and Medusa emblem, right into a $2 billion model. However gross sales have languished at a bit of over $1 billion and contracted final yr.
Against this, Miu Miu — the place Vitale oversaw each model picture and collections — has been one in all vogue’s hottest success tales, rising retail gross sales by an eye-popping 84 % final quarter, far outpacing the broader luxurious market.
“Vitale is a uncommon expertise, who deeply respects the essence and values of Versace and clearly understands its development potential,” Versace CEO Emmanuel Gintzburger mentioned. “We’re satisfied that his expertise and imaginative and prescient will deliver a brand new perspective to the model.”
