Following this change, Dario Vitale, a former design director at Miu Miu, will assume the creative helm, while Versace transitions to a brand ambassador role. The announcement comes at a time of speculation regarding a potential acquisition of Versace by the Prada Group, which could see a strategic shift in ownership as the fashion industry evolves.

Capri Holdings, which owns Versace and acquired the brand for €2 billion (£1.67 billion) in 2018, stated that this change is part of "a thoughtful succession plan." The company praised Versace's instrumental role in their success and expressed gratitude for her contributions over the years. In her own words shared on Instagram, Donatella acknowledged the emotional significance of her journey, stating it's "the greatest honour of my life" to uphold Gianni’s legacy. She has been a fashion force, dressing high-profile stars including Madonna, Beyoncé, and Lady Gaga.

Versace itself was founded in Milan in 1978 by the Versace siblings and has remained a vibrant representation of bold colors and innovative designs. Today, the Italian brand accounts for 20% of Capri’s expected €5.2 billion (£4.3 billion) revenue in 2024, marking a significant chapter in luxury fashion as it welcomes new leadership while honoring its rich heritage.