| Type | Private |
|---|---|
| Industry | Consumer Goods |
| Founded | 1978 |
| Headquarters | Milan, Italy |
| Key people | Gianni Versace, Founder Santo Versace, Chairman & Co-CEO Gian Giacomo Ferraris, Director & Co-CEO Donatella Versace, Artistic Director |
| Products | Textile - Apparel [1] |
| Revenue | € 162.7 million (2010) |
| Employees | 523 |
| Website | versace.com |
Gianni Versace S.p.A. (Italian pronunciation: [ˈdʒanni veɾˈsaːʧe]), usually referred to as Versace, is an Italian fashion label founded by Gianni Versace in 1978.
The first Versace boutique was opened in Milan's Via della Spiga in 1978, (though the Versace family are from Reggio Calabria) and its popularity was immediate. Today, Versace is one of the world's leading international fashion houses. Versace designs, markets and distributes luxury clothing, accessories, makeup and home furnishings under the various brands of the Versace Group. In 1994, the brand became a household name after the widespread coverage of the Black Versace dress of Elizabeth Hurley.[1]
Gianni Versace was killed by Andrew Cunanan on July 15, 1997. His sister Donatella Versace, formerly vice-president, then stepped in as creative director of Versace and his older brother Santo Versace became CEO. Donatella's daughter Allegra Versace also owns 50 percent of the company since 2004 as wished by Gianni in his last will. Allegra also has the last say of the sale and other important details in the Versace clothing line.[2]
Versace's Style Department employs a group of designers and stylists who work in teams. Each team is specifically dedicated to each fashion line or label. These teams operate under the close supervision and guidance of Donatella Versace.
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There are several lines which make up Versace: Atelier Versace, Versace Couture, Versace Sports, Versace Couture, Versace Home Collection, Versace Collection and Versus. In addition to clothing and accessories, it also operates a hotel, the Palazzo Versace.
Versace Couture, which contains high-end, often handmade apparel, jewelry, watches, fragrances, cosmetics, handbags, and home furnishings, is the house's main line. Traditionally, this is the only line presented on the runway which is shown during Milan's fashion week, but this has not been strictly the case in recent years. Couture dresses in this line may cost about $10,000 and suits cost approximately $5,000. Donatella Versace directly heads this line and designs a vast amount of the items. The other Versace label named Versace Collection,[3] and again overseen by Donatella Versace, is the second high-end line of the group and is designed toward younger more fashioned people, the logo is discreet and consist in a hollowed V surrounded by the classic Greek frieze or is signed in all word with the word "collection" written smaller in black at the bottom line of the name Versace in hollowed letters or in white. The Versace Sport line was stopped in 2008 due to large counterfacting of this line, damaging the Versace group image.
Versace Jeans Couture, a casual clothing line, focuses on informal clothing and high-end denim and classic Versace print shirts. It is readily available and comparably affordable, but has been discontinued from the United States for the most part. This line is distributed through 56 boutiques and flagship stores, and 1800 multi-brand points of sale, including Internet-based shops. Versace Sport encompassed active wear and accessories. The name was often printed on t-shirts.[4]
Versace eyeglasses are part of the Versace collection and manufactured under license by the Luxottica group.[5]
In May 2006, it was reported in WWD that Versace chief executive Giancarlo Di Risio said Versace Group would consider a IPO (initial public offering) on the stock market by next year, ahead of a proposed schedule. This was due to a drop in operating losses from £62m to £4m for 2005, based on sales for the House during the prior 12 months.
Versace has many fans among well-known celebrities. Elton John has long been a wearer of Versace, often featuring custom items covered in diamonds or Swarovski crystal. Other notable fans of the Versace fashion house are Tupac Shakur, Elizabeth Hurley, Axl Rose, Beyoncé and the late Princess Diana, who was offered, but declined, £1,000,000 to appear on the catwalk in Versace to celebrate her divorce from Prince Charles. Jennifer Lopez is known to wear Versace in many of her red carpet fashions. Many of the dresses that Lopez has worn have brought much publicity to the fashion house. Lopez wore the Jungle-Dress at the 2000 Grammys, which became famous for its plunging neckline. Lady Gaga is known to be a fan of Versace, especially vintage Versace. In her 'The Edge of Glory' music video, she is adorned in Gianni Versace's final collection and in 2011 promised to wear only Versace for 2 months. She cites Gianni and Donnatella Versace as major influences on her.
Versace is unique among Italian fashion houses due to its frequent use of a celebrity "face" for the House in advertisements. The contract provides for the use of the celebrity's image, and in return, the celebrity is paid both monetarily and with free Versace clothing. Madonna, for example, was paid $10.5m and given free Versace clothes for 2 years for her contribution to Versace advertising campaign in 2005.
Some of the celebrities that have been the face "for Versace" are Madonna (1995 and 2005), Ashton Kutcher, Ian Somerhalder, Kevin Richardson, Demi Moore, Britney Spears, and Christina Aguilera. During the summer of 2003, The Corrs--who were then recording and promoting their fourth studio album—signed a contract to become the face of Versace for 5 years, Milla Jovovich for ad campaigns and Halle Berry was the face of Versace for Spring/Summer 2006. The current celebrity face of Versace is January Jones, actress.
Versace used the models Carolyn Murphy, Milla Jovovich, Angela Lindvall, Daria Werbowy, Miriam Escott IV, Christy Turlington, Gisele Bündchen and Kate Moss to front the Fall/Winter 2006/7 campaign, and used actor Jonathan Rhys Meyers as the face for the men's campaign. The 2008 Spring/Summer campaign featured Grey's Anatomy star Patrick Dempsey as the face of its men's line and Gisele Bündchen for the women's line. The line has also used models like Isabeli Fontana, Maryna Linchuk, Natalia Vodianova, Mariacarla Boscono, Karlie Kloss, and Catherine McNeil.
There are currently 82 boutiques in the world:
The first to be opened outside of Italy was in Glasgow, Scotland in 1991.
North America
Boutiques were previously operated in Montreal, San Francisco, Boston, Orlando, Chicago, Chevy Chase, Philadelphia, and Maui, among others, but have since been closed. Versace also features 123 retail areas in a variety of luxury multi-designer department stores such as Neiman Marcus, Nordstrom, Bergdorf Goodman, Bloomingdales, and Saks Fifth Avenue.
South America
Central America
Europe
Middle East
Asia
Australia
Versace headquarters is in Milan. There is a Versace Hotel and Spa called the Palazzo Versace. They are in Gold Coast, Australia and Dubai which will open in 2010.
Gianni Versace and Frank Muller launched the first Versace watch collection line in 1994. The name of the first collection was Atelier and it became a must among fashionistas and Versace brand lovers.
Since then, the collection of Versace timepieces has evolved and the range of products of the Medusa fashion brand has greatly been expanded.
Versace watches line is produced under license agreement in Switzerland. Timex Group bought the license in 2005 but the Versace watch line is still produced and operated from Switzerland by Vertime SA.
Since the discontinuation of the Atelier collection a new line from the Italian fashion house, Versace Precious Items evolved. The collection includes watches, fine jewelry, and writing instruments.
Lamborghini Murcielago Versace had agreed to make the first ever designer car in the world in the make of a white Lamborghini Murcielago all white exterior and interior with all black rims.
In 1984, the Ford Motor Company offered the Versace edition Lincoln Mark VII. It continued into 1985 but was discontinued after that.
In 2010 Versace unveiled the first Versace mobile phone, the Versace unique, also the first ever 'luxury' multi-media, sapphire-crystal touch screen mobile phone. It comes in a variety of colours, from grey mink to hot pink, lilac to pop red, and costs from $5,600 to $16,000, depending on the trims, available in stainless steel or solid gold. The interior software was done by Modelabs and LG. It is hand-assembled in France, and available only in select Versace boutiques.