Fashion designer Donatella Versace acknowledges applause following the Versace women's Fall/Winter 2019/2020 collection fashion show, on February 22, 2019 in Milan. Photo by Miguel MEDINA / AFP
Rome: Donatella Versace is giving up the creative reins of luxury fashion label Versace, which she has led for nearly 30 years, with Miu Miu's Dario Vitale taking over, the brand's owner said Thursday.
The shuffling comes amid reports that larger Italian rival Prada -- which owns Miu Miu -- is in talks to buy Versace, which was co-founded by Donatella Versace's brother, Gianni, in 1978.
The development brings to an end the family control over the creative direction of Versace, a brand famous for its showy, skin-baring looks for jet-setters.
Donatella Versace will become the label's chief brand ambassador beginning April 1, the same day Vitale takes over, owner Capri Holdings Limited said in a statement.
"It has been the greatest honour of my life to carry on my brother Gianni's legacy. He was the true genius, but I hope I have some of his spirit and tenacity," Versace said, adding that she will remain "Versace's most passionate supporter".
Vitale has led the design direction of Miu Miu -- Prada's sister brand, which targets a younger clientele -- since 2023, helping to boost the company's bottom line in a challenging environment for luxury fashion.
Versace boasts "a unique heritage that has spanned decades and has shaped the history of fashion", Vitale said.
Fashion group Capri Holdings, which also owns Jimmy Choo and Michael Kors, has owned Versace since 2018.
Bloomberg reported earlier this month that Capri is asking for nearly 1.5 billion euros ($1.6 billion) for the brand.
