Versace

For other uses, see Versace (disambiguation).
Versace
Private
Industry Consumer Goods
Founded 1978
Headquarters Milan, Italy
Key people
 Gianni Versace, Founder
Santo Versace, Chairman & President[1]
Gian Giacomo Ferraris, Director & CEO[1]
Donatella Versace, Artistic Director
Products Textiles, Apparel
Revenue
  • IncreaseEU€479.2 million (2013)[2]
  • EU€408.7 million (2012)[2]
Number of employees
 500
Website www.versace.com

Gianni Versace S.p.A. (Italian pronunciation: [ˈdʒanni verˈsaːʧe]), usually referred to as Versace, is an Italian fashion company and trade name founded by Gianni Versace in 1978.

History and operations

The first Versace boutique was opened in Milan's Via della Spiga in 1978.[3][4] In 1994, the brand gained widespread international coverage due to the "Black Versace dress of Elizabeth Hurley", referred to at the time as "that dress".[5][6][7]

After the death of Gianni Versace in 1997 his sister Donatella Versace, formerly vice-president, took over as creative director and his older brother Santo Versace became CEO.[8] Donatella's daughter Allegra Versace was left a 50 percent stake in the company, which she assumed control of on her eighteenth birthday.[9][10][11]

In 2000, the "green Versace dress" worn by Jennifer Lopez at the 42nd Annual Grammy Awards gained a lot of media attention, being voted as the "fifth most iconic dress of all time" in 2008, with Hurley's 2000 dress being voted first in a Daily Telegraph poll.[7]

The company's profits were in decline in the early 2000s;[9][12] Fabio Massimo Cacciatori was hired as interim CEO to reorganise and restructure the Versace Group in 2003.[13] Cacciatori resigned in December 2003 due to "disputes with the Versace family".[13] From 2004 Giancarlo di Risio, from IT Holding, was CEO of the group until his resignation in 2009 due to disagreements with Donatella.[14][15][16] Since July 2009, Gian Giacomo Ferraris, previously of Jil Sander, has operated as CEO for the group.[17]

In February 2014 The Blackstone Group purchased a 20 percent stake in Versace for €210 million.[18][19][20]

As of August 2013, more than 80 boutiques operate worldwide; the first boutique outside of Italy was opened in Glasgow, Scotland in 1991.[21]

The Versace boutique in Milan, Italy
5th Avenue, NYC, 2013

Palazzo Versace

Soheil Abedian, of the Sunland Group, approached Versace in 1997 and successfully proposed a luxury hotel built upon the Versace brand; the first Palazzo Versace opened on Australia's Gold Coast on 15 September 2000.[22][23] The hotel was sold to a Chinese consortium in December 2012.[24][25] Two further Palazzos are under construction, the Palazzo Versace Dubai; which is expected to be completed in late 2014;[26] and the Palazzo Versace Macau which was announced in 2013 and will be built in partnership with Macau's largest casino operator SJM Holdings.[27][28][29]

References

  1. ↑ 1.0 1.1 "Bloomberg accessdate=20 March 2015".
  2. ↑ 2.0 2.1 Mesco, Manuela (2014-03-27). "Gianni Versace profit rose 28% in 2013, lifted by soaring sales". Wall Street Journal. Retrieved 2014-08-14.
  3. ↑ Matthew (2011-01-28). "History of Versace". Fashion in Time. Retrieved 2014-08-14.
  4. ↑ "Gianni Versace profile". Victoria and Albert Museum. 2003-01-12. Retrieved 2014-08-14.
  5. ↑ Gundle, Stephen (2008). Glamour: a history. Oxford University Press. ISBN 978-0-19-921098-5. Retrieved 1 May 2011.
  6. ↑ White, Belinda (3 October 2012). "Not 'That dress' again? Lady Gaga wears Liz Hurley's Versace safety pin gown". The Daily Telegraph. Retrieved 2014-08-14.
  7. ↑ 7.0 7.1 Khan, Urmee (2008-10-09). "Liz Hurley 'safety pin' dress voted the greatest dress". The Daily Telegraph. Retrieved 2014-08-14.
  8. ↑ "1997: Versace murdered on his doorstep". BBC News. 1997-07-15. Retrieved 2014-08-14.
  9. ↑ 9.0 9.1 Horyn, Cathy (2004-06-15). "A New Half-Owner for Versace, and She's Almost 18". New York Times. Retrieved 2014-08-14.
  10. ↑ "Versace niece's $700m birthday gift". Sydney Morning Herald. 2004-07-02. Retrieved 2014-08-14.
  11. ↑ "Allegra Inherits Versace's Fortune". WENN. Contactmusic.com. 2004-06-30. Retrieved 2014-08-15.
  12. ↑ Freeman, Hadley (2004-10-04). "Versace struggles to regain its touch". The Guardian. Retrieved 2014-08-14.
  13. ↑ 13.0 13.1 Valerie (2003-12-18). "Fabio Massimo Cacciatori quits Versace CEO". DesignTAXI.com. Retrieved 2014-08-14.
  14. ↑ "Versace Names Di Risio as Ceo and Strengthens Board". Women's Wear Daily. HighBeam Research. 2004-08-27. Retrieved 2014-08-14.
  15. ↑ Meichtry, Stacy (2009-06-06). "Versace CEO Di Risio Resigns". Wall Street Journal. Retrieved 2014-08-14.
  16. ↑ Meichtry, Stacy (2009-05-22). "Bucked by Designer, Versace CEO Eyes Exit". Wall Street Journal. Retrieved 2014-08-14.
  17. ↑ "FT Business of Luxury Summit 2012 - Gian Giacomo Ferraris". Financial Times. Retrieved 2014-08-14.
  18. ↑ Binnie, Isla (2014-02-27). "Fashion house Versace sells stake to Blackstone to fund growth". Reuters. Retrieved 2014-08-14.
  19. ↑ Binnie, Isla (27 February 2014). "Versace Sells Minority Stake to Blackstone". Retrieved 27 February 2014.
  20. ↑ Mesco, Manuela (2014-02-27). "Versace Sells Minority Stake to Blackstone". Wall Street Journal. Retrieved 2014-08-14.
  21. ↑ Henderson, Damien (2005-02-14). "Glasgow's Versace loss may suit capital". Herald Scotland. Retrieved 2014-08-14.
  22. ↑ "Glitz abounds in Gold Coast tribute to Versace". NZ Herald. 2000-05-27. Retrieved 2014-08-14.
  23. ↑ Templeman, Tiana (2000-09-15). "The Rise and Fall... and Rise... of Palazzo Versace". Let's Travel Magazine. Retrieved 2014-08-14.
  24. ↑ Calligeros, Marissa (2012-02-29). "Gold Coast's Palazzo Versace sold to Chinese for $68.5 million". Brisbane Times. Retrieved 2014-08-14.
  25. ↑ Skene, Kathleen (2014-04-29). "Palazzo Versace GM Russell Durnell leaves five-star hotel's top job". Gold Coast Bulletin. Retrieved 2014-08-14.
  26. ↑ Odedra, Rahul (2014-07-14). "Palazzo Versace issues cooling contract as Dubai project moves towards completion". Arabian Business. Retrieved 2014-08-15.
  27. ↑ Bergin, Olivia (20 August 2013). "Palazzo Versace to open in Macau". The Daily Telegraph. Retrieved 2014-08-15.
  28. ↑ "Versace teams up with SJM to outfit Macau hotel". China Economic Review. SinoMedia Holdings. 21 August 2013. Retrieved 21 August 2013.
  29. ↑ O'Keeffe, Kate (2013-08-21). "Palazzo Versace Hotel Slated for Macau". Wall Street Journal. Retrieved 2014-08-15.

External links