Speculation surrounds Donatella Versace's future at the Italian fashion house as Capri Holdings, the parent company of Versace, Jimmy Choo, and Michael Kors, grapples with strategic decisions following a failed buyout attempt by Tapestry Inc. Versace's first-half revenues declined, prompting Capri CEO John Idol to outline a turnaround plan focused on re-energizing the brand and attracting new and loyal consumers.
LONDON, ENGLAND - DECEMBER 01: Donatella Versace attends 'The Devil Wears Prada: The Musical' World Premiere at the Dominion Theatre on December 01, 2024 in London, England. (Photo by Jeff Spicer/Getty Images)and Jimmy Choo as it focuses on the Michael Kors turnaround, stirring yet more speculation in and around Milan. Sources say the contract of chief creative officer of the Italian brand, Donatella Versace , is up in February. The speculation surrounds whether she — or Capri — will renew it.
She has been fundamental in spearheading the brand ever since the murder of her brother Gianni in 1997. In addition to her work as a designer, Donatella Versace has acquired A-list popularity on social media, and is widely recognized for her philanthropic work, her support of the marginalized and her initiatives to sustain the rights of the LGBTQIA+ community. She has also contributed to fuel the work of young designers such as Christopher Kane, who designed Versus with her for years. How Tapestry's Failed Bid to Buy Capri Reshaped Both Companies in 2024 Capri is widely seen as considering its options for both Versace and Jimmy Choo — and perhaps even for Michael Kors – since the company’s $8.5 billion buyout by Tapestry Inc. was dropped Versace’s first-half revenues fell 22.1 percent to $420 million, but Capri chairman and chief executive officer John Idol recently said the brand could bounce back by “engaging and energizing both new and loyal consumers, broadening our product offering, improving store productivity and returning our wholesale business to growth.” “We believe we removed too many unique Versace statement items, which resulted in a less exciting brand and product identity,” the CEO said. “We also significantly reduced our offering of products for aspirational consumers as we tried to elevate the brand.” Hermès' Artistic Director Reveals How Anyone Can Buy a Birkin Bag in Six Steps: 'Eventually, It's Gonna Happen' Dua Lipa Gives Racer Style a Wild Spin With Leopard-print Miniskirt
DONATELLA VERSACE VERSACE CAPRI HOLDINGS FASHION INDUSTRY BUSINESS STRATEGY
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