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It is not just the dresses on the Versace catwalk that are for sale this Milan fashion week, but Versace itself. One of the most glamorous names in fashion is up for grabs, with Prada, its longtime rival for Milan bragging rights, thought to be close to purchasing the company. The prospect of a sale raises the question of whether Donatella, designer since the death of her brother in 1997, will remain as creative lead.
In less tumultuous times, the biggest concern for Versace this weekend would be which actors might wear Versace gowns on Sunday’s Oscars red carpet. But with American group Capri Holdings looking to offload the label it bought for $2.1bn in 2018, a lot more is at stake. Backstage after her show on Thursday, Miuccia Prada told reporters the Versace deal was “on everyone’s table”. A potential deal with Prada, or with Diesel founder Renzo Rosso, would bring the baroque exuberance of Versace back into Italian ownership.
Versace has suffered with slowing sales, recently reporting a 15% year-on-year decline. As a fashion house without a strong line in perennials such as luggage or cashmere, Versace is in a precarious position at a time when consumers are tightening their belts. It remains a powerful brand with a strong and recognisable image. But Donatella, who turns 70 this year and received a substantial payout in the 2018 deal, could decide to walk away if not enamoured with Versace’s next owner.
