And the merry-go-round of creative directors continues. On Thursday, Capri Holdings announced big news — Versace’s chief creative officer Donatella Versace is stepping down from that role and will assume the new role of chief brand ambassador.
Dario Vitale – ph Stef Mitchell – Lowres
Stepping into her shoes? Capri CEO John D Idol said that “Dario Vitale will be joining the House of Versace as its new chief creative officer. He is a strong design leader, and we are confident that his talent and vision will be instrumental to Versace’s future growth”.
Formerly design and image director at Miu Miu, he takes up the post on 1 April with his predecessor saying that “championing the next generation of designers has always been important to me. I am thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes”.
There was no mention of the possible sale by Capri of the Versace business nor of whether Prada might end up as its eventual owner. It’s certainly interesting that Vitale comes from Prada-owned label Miu Miu. Reports earlier this month suggested Prada was moving closer to a deal to buy it for almost €1.5 billion.
Vitale himself said he’s “truly honoured to join Versace… and to be a part of this special and powerful fashion luxury House created by Gianni and Donatella. The House of Versace has a unique heritage that has spanned decades and has shaped the history of fashion. I want to express my sincere thank you to Donatella for her trust in me, and for her tireless dedication to the extraordinary brand that Versace is today. It is a privilege to contribute to the future growth of Versace and its global impact through my vision, expertise and dedication.”
It’s a big change for the business with Donatella having been in creative control since the death of her brother and label founder Gianni Versace in 1997.
She will now “dedicate herself to the support of Versace’s philanthropic and charitable endeavours and will remain an advocate for the brand globally”.
Donatella Versace
Clearly the company isn’t one that favours a rapid turnover of creative directors and Capri chief Idol added that the latest changes are “part of a thoughtful succession plan for Versace”.
Donatella also said: “I want to thank my incredible design team and all the employees at Versace that I have had the privilege of working with for over three decades. 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. In my new role as chief brand ambassador, I will remain Versace’s most passionate supporter. Versace is in my DNA and always in my heart.”
Meanwhile CEO Emmanuel Gintzburger paid tribute to the outgoing creative chief and her successor, saying: “Versace is what it is today because of Donatella Versace and the passion she has brought to her role every day for nearly 30 years. I am confident in the company and where it stands today, as we are well-prepared for the organisation to write this new chapter for the house. Dario Vitale is a rare talent, who deeply respects the essence and values of Versace and clearly understands it’s growth potential. We are convinced that his experience and vision will bring a new perspective to the brand.”
The expansion of fashion and luxury brands into premium real estate continues. Today, Saudi Arabia’s Diriyah Company announced the debut of Giorgio Armani‘s design studio in Saudi luxury real estate with the launch of Armani Residences Diriyah, located in the iconic “City of Earth” on the outskirts of Riyadh.
The announcement was made during Diriyah Company’s participation in MIPIM—the international urban environment festival—in Cannes.
These 15 exclusive residences will feature bespoke interiors curated by Giorgio Armani, who has reinterpreted Najdi architecture with a contemporary approach to celebrate Diriyah’s centuries-old heritage.
Armani Residences Diriyah
The residences, located in Diriyah Square, will be next to the future Armani Hotel Diriyah, which began construction in November 2024. The hotel will offer 70 luxury rooms, two fine-dining restaurants, and a premium spa, with suites featuring private spa areas and pools.
The residences will be divided into three distinct design concepts—The Palm Residences, The Botanical Residences, and The Royal Penthouses—ranging from 1,200 to 1,900 square meters. Each residence will include three ensuite suites, elegant living and dining areas, family spaces, a library, and a private pool.
A striking staircase will connect the individual residences called the “Tower of Light” and will be fully furnished and accessorized by Armani/Casa, including custom-designed kitchens and bathrooms. They will also feature a lobby, a private elevator, and direct access from a reserved underground parking area.
The Royal Penthouses will offer exclusive outdoor spaces, including private pools, a yoga terrace, cabanas, and barbecue areas in all upper-level units framed by meticulously designed gardens and landscaped terraces.
Armani Residences Diriyah
Residents will have access to the premium services of the Armani Hotel Diriyah, including a pool, gym, Business Lounge, Armani Study, and in-house dining services. Additionally, they will benefit from a range of included services under an annual fee, such as 24/7 concierge, valet parking, complimentary buggy service between the residence and hotel, a dedicated management team, and routine maintenance, including daily private pool cleaning.
Homeowners will enjoy exclusive privileges, including priority reservations at Armani restaurants, cafés, and hotels worldwide, a dedicated Armani/Casa consultant for shopping and personalized design advice, invitations to special Armani/Casa events, and priority access to new Armani/Casa product launches.
Armani Residences is the latest addition to the prestigious Diriyah-branded collection, which already includes Baccarat Residences Diriyah, Corinthia Residences Diriyah, Raffles Residences Diriyah, The Ritz-Carlton Residences Diriyah, and The Ritz-Carlton Signature Collection Diriyah, totaling 300 luxury residences.
Armani Residences Diriyah
Founded in 2022, Diriyah Company is part of the Public Investment Fund’s (PIF) giga-project portfolio and is responsible for developing Diriyah, positioning Diriyah Square as a hub of luxury and hospitality. The company is exploring further opportunities to introduce new Armani-branded experiences to the City of Earth and expand dining, retail, and lifestyle offerings.
Armani Residences Diriyah is part of Diriyah Company’s residential strategy. Once completed, it will accommodate over 100,000 people, including workers, students, and visitors, across a diverse mix of cultural, entertainment, retail, hospitality, education, and residential spaces. The initial openings include Bujairi Terrace, Riyadh’s new premium dining hub with over 20 international and local restaurants overlooking At-Turaif, and Bab Samhan, a Luxury Collection Hotel offering an exclusive experience with panoramic views of Wadi Hanifah.
What exactly is Diriyah? It is Saudi Arabia’s leading historical, cultural, and lifestyle destination and key to the Kingdom’s Vision 2030 plan. Located just 15 minutes from downtown Riyadh, this 14 km² area holds unique historical significance as the birthplace of Saudi Arabia, with origins dating back to 1727. Diriyah is transforming into a mixed-use urban community in authentic Najdi style. At the heart of the project is At-Turaif, a UNESCO World Heritage Site since 2010, preserving the ancient mud-brick capital of the First Saudi State, which dates back to 1766.
Armani Residences Diriyah
Established over 25 years ago, Armani/Casa is a luxury home décor brand born from Giorgio Armani’s vision of creating a warm, harmonious, highly comfortable, and sophisticated retreat. Today, Armani/Casa offers everything from furniture and accessories to fabrics, wallpapers, and kitchen and bathroom systems.
Since 2004, the Armani/Casa Interior Design Studio has provided comprehensive interior design services for private clients and real estate developers. Its portfolio includes residences in cities such as Miami, London, Beijing, Tel Aviv, Manila, Mumbai, Istanbul, and Mexico City. Armani/Casa operates in 29 countries worldwide and has 40 retail locations.
Kering shares tanked on Friday morning after the group led by François-Henri Pinault chose to bet on subversive in-house talent Demna to reinvigorate its Gucci label rather than hiring a big-ticket name from fashion’s overheating job market. Shares fell by around 10% in early Paris session trade, underperforming French luxury peers, which were trading flat following the news.
Kering shares fall 10% after Gucci names Demna creative director. – Reuters
Analysts at Jefferies said the appointment of the Georgian former Balenciaga designer came as a surprise, while J.P. Morgan analysts called the move a “controversial choice,” citing early feedback on social media and fashion blogs and a “question mark” now hanging over the brand’s creative future.
The appointment of Gucci’s next design chief was the fashion world’s most-awaited news in recent weeks after Gucci fired Italian designer Sabato De Sarno after less than two years in the role.
The house’s prolonged sales decline, including a revenue drop of 24% in the fourth quarter of 2024 alone, has heavily weighed on Kering in the past months. Group shares are down around 40% year-on-year, while a European sector benchmark index is down close to 6% over the same period.
Seasalt, the successful Cornish lifestyle-fashion brand, is considering a number of redundancies and it’s blaming higher taxes following the Autumn Budget that increased employers’ National Insurance contributions.
Seasalt
The company said the redundancy move was “in order to meet the challenges presented by an ever-changing retail industry” and that customer sentiment has continued to decline, impacting the outlook for trading conditions in the year ahead.
“As a business here at Seasalt, we are not immune to these very real concerns,” it explained. “In order to meet the challenges… the majority of those beyond our control, Seasalt must remain agile so that we can protect our business for the long term.
“To continue investing in our growth plans, focusing predominantly on store and partners expansion, and large-scale projects to enhance our operations, we have thoroughly reviewed our cost base, to ensure our expenditure is not outpacing our sales and equally achieve the growth that is essential to the viability of our business.
“This analysis has included looking at efficiencies and overall productivity, a transformation of our head office structure and a review of our retail team operations, along with, where possible, reducing the expenditure necessary to realise our sales growth.”
It all means a number of roles will be placed at risk of redundancy across the business.
The company has 76 stores around the UK and said in January that it had seen a big jump in sales for the festive season, despite it having to deal with major pressures on costs. Total sales, including stores, online, and partners such as M&S, Next and Zalando, were up 10% year on year in the final five weeks of 2024.
Back in May it had also filed accounts for 2023 showing turnover rising but some profit measures falling as investment and one-costs hit the figures.
It opened its first US store last year and plans two more in the short term.
The news on redundancies comes just after reports that its chief information officer Mel Wilcox has stepped down after less than two years. Drapers said she’s left “to seek new challenges and opportunities”.