US EditionCreative Director Dario Vitale Exits Versace Two Days After Prada's Acquisition
Prada’s €1.25 billion acquisition aims to revive Versace’s brand and create an Italian luxury group to compete with global conglomerates, analysts say.
- Shortly, the Prada Group revealed the acquisition of Versace from Capri Holdings for an enterprise value of 1.25 billion euros, confirmed in a chic one-line statement and closed only two days ago.
- In recent years, Versace struggled while Prada Group strengthened its position, gaining traction partly through Miu Miu; observers see this as the start of an Italian luxury group rivaling French luxury groups LVMH and Kering.
- Donatella Versace left the creative director role after nearly three decades and became chief brand ambassador shortly before the Prada acquisition; Dario Vitale, her successor and former Miu Miu design director, is now confirmed to be exiting.
- Governance shifts are already expected, with Lorenzo Bertelli expected to become executive chairman of Versace, as Prada aims to emphasize 'Made in Italy' for its future.
- Commentators say success is possible but will require careful execution, with Kirstie Clements noting `100 per cent, if you get it all right` but warning Prada Group has `a lot of work to do`.
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Its exit, confirmed by WWD, arrives shortly after the completion of the acquisition of the maison by the Prada group, feeding questions on the real motivations of the separation
A few days after the announcement of the acquisition of the brand and that of the appointment of Lorenzo Bertelli as executive president, a new revolution
Associated Press News
Creative director Dario Vitale exits Versace two days after Prada's acquisition
Creative director Dario Vitale is leaving Italian fashion brand Versace only eight months after he was appointed, the company said in a statement Thursday.
Dario Vitale no longer creative director of Versace - Fashion & Luxury
A few months after joining the fashion house and two days after the brand's acquisition by the Prada Group was finalized, Dario Vitale is leaving his position as creative director of Versace, sources within the company announced Thursday. (ANSA)
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