• by Sarah Mahoney  @mahoney_sarah, March 13, 2025

Versace on set with actor Channing Tatum. 

It’s the end of an era. Capri Holdings has named Dario Vitale, design and image director of Miu Miu, the new chief creative officer for Versace. He replaces Donatella Versace, who had held that role since 1997 when she assumed creative reins following the murder of brand founder and brother Gianni Versace.

The move comes amid reports that Capri, struggling to regain its footing after steep sales declines and a failed merger with Tapestry, is in talks to sell the ailing brand to Prada for $1.6 billion. Italian fashion Group Only the Brave is also said to be interested.

Versace becomes the chief brand ambassador, overseeing the company’s philanthropic and charitable endeavors, marking the end of an era.

“It has been the greatest honor of my life to carry on my brother Gianni’s legacy,” she said in the company’s announcement. “In my new role, I will remain Versace’s most passionate supporter. Versace is in my DNA and always in my heart.”

Vitale takes over at a rough time. In the most recent quarter, Capri noted a 15% drop in Versace’s sales, to $193 million, with even steeper declines in the U.S. And the brand’s losses grew to $21 million, versus a loss of $14 million in the same period a year ago.

And while many luxury brands have hit speed bumps in recent quarters, Capri’s struggles are more severe. Sales at Michael Kors, the company’s largest brand, dropped 12.1% to $909 million. At Jimmy Choo, revenues slipped 4.2% to $159 million.

Overall sales at Capri dropped 11.6%, to $1.26 billion, swinging to a net loss of $547 million, compared to a net income of $105 million in the year-ago period.

The company’s declining fortunes have taken on more urgency since an $8.5 billion merger deal with Tapestry, owner of Coach, collapsed in November after being blocked by the Federal Trade Commission.