Donatella Versace, the renowned designer, will be stepping down from her position as the chief creative officer of the Versace brand after nearly three decades, as reported by Reuters. The announcement from Capri Holdings, the parent company, coincides with growing speculation regarding a potential acquisition by fellow Italian fashion house Prada. The price for the sale of Versace could reach approximately €1.5 billion ($1.64 billion).

Starting April 1, Dario Vitale, a former design director at Miu Miu, will assume the role of chief creative officer, succeeding Donatella, who has held this position since 1997. She took the reins following the tragic murder of her brother, Gianni Versace, and has since been a pivotal figure in maintaining and elevating the brand's status in the fashion world.

In a statement, Donatella expressed her pride, stating, “It has been the greatest honor of my life to carry on my brother Gianni's legacy.” She will now transition into the role of chief brand ambassador, focusing on philanthropic efforts and supporting the next generation of designers.

The leadership change and the increasing interest from Prada occur as both brands navigate the shifting landscape of luxury fashion. Analysts suggest that the arrival of Vitale may lead to an enhancement of Versace's creative direction, making it a more attractive acquisition target for Prada. Capri Holdings has not officially confirmed details of a sale, but the reshuffling has certainly fueled interest within the industry.

Meanwhile, Prada's CEO Andrea Guerra is reported to have traveled to New York, further intensifying speculation around the potential deal with Versace, as noted in another Reuters article. With Versace accounting for 20% of Capri's expected revenue for 2024, the stakes continue to rise for both parties involved.

As the luxury fashion market undergoes significant transformations, the future of Versace—once a symbol of bold designs and cultural relevance—remains to be seen under new creative leadership.

For more updates, visit the original articles from BBC and Channel News Asia.