Versace names Dario Vitale as new Chief Creative Officer

LONDON - Capri Holdings Limited (NYSE:CPRI), the parent company of luxury fashion house Versace, has announced a major leadership change, appointing Dario Vitale as the brand’s Chief Creative Officer, effective April 1, 2025. The announcement comes at a challenging time for the company, with its stock trading near its 52-week low of $18.52 and showing a significant decline of over 58% in the past year. The announcement was made today as part of a strategic succession plan. Donatella Versace, who has been at the helm of the creative direction for Versace since 1997, will transition to the role of Chief Brand Ambassador on the same date.

In her new capacity, Donatella Versace will focus on Versace’s philanthropic efforts and continue to represent the brand on a global scale. She expressed her excitement for Vitale’s appointment and her continued commitment to the Versace brand, which she has passionately supported for nearly three decades.

Dario Vitale joins Versace from Miu Miu, where he served as Design and Image Director. He expressed his gratitude to Donatella for her trust and acknowledged the brand’s unique heritage and influence on the fashion industry. Vitale’s vision and expertise are expected to contribute significantly to Versace’s future growth.

John D. Idol, Chairman and CEO of Capri Holdings, praised Donatella Versace’s leadership and contributions to the company’s global success. He also expressed confidence in Vitale’s ability to lead the brand’s creative direction going forward.

Emmanuel Gintzburger, CEO of Versace, highlighted Donatella’s role in shaping the company and her embodiment of its values. He also welcomed Vitale, whose talent and respect for the brand’s essence are seen as key to driving Versace’s future.

Versace, known for its bold and glamorous designs, has been a prominent name in luxury fashion since its founding in 1978. The brand offers a wide range of products, including ready-to-wear, accessories, haute couture, and home furnishings, and operates a network of boutiques and licensed stores worldwide. According to InvestingPro data, the company maintains impressive gross profit margins of nearly 64%, though analysts anticipate a sales decline in the current year. For deeper insights into Capri Holdings’ financial health and future prospects, InvestingPro offers 13 additional exclusive tips and comprehensive analysis tools.

The press release also contained forward-looking statements regarding the company’s future, emphasizing that these are based on current expectations and projections and are subject to risks and uncertainties. While InvestingPro analysis suggests the company’s current market price aligns with its Fair Value, investors should note that 15 analysts have recently revised their earnings expectations downward for the upcoming period. The company’s financial health score currently stands at "Weak," though analysts predict a return to profitability this year.

This leadership transition is based on a press release statement from Capri Holdings Limited.

In other recent news, Capri Holdings has faced significant challenges, as highlighted by a recent downgrade from S&P Global, which lowered the company’s credit rating to ’BB’ from ’BBB-’, citing performance pressures and high leverage. The company’s revenue declined by 11.6% in the third fiscal quarter of 2025, with Versace, Michael Kors, and Jimmy Choo all experiencing sales drops. Despite these setbacks, Capri Holdings has set ambitious long-term financial goals, projecting revenue growth from $4.4 billion in fiscal year 2025 to $6.3 billion in the future. The company also plans to improve operating margins for its brands, as detailed during its recent Investor Day.

Additionally, Jefferies has maintained a Hold rating with a $21 price target for Capri Holdings, noting the company’s confidence in its turnaround strategy for Michael Kors and Versace. Meanwhile, Prada is reportedly nearing a deal to acquire Versace from Capri Holdings for approximately €1.5 billion ($1.6 billion), as part of its strategy to bolster its luxury portfolio. However, it remains uncertain if a formal offer will be made following Prada’s review of Versace’s financials.

Capri Holdings has announced plans to close numerous Michael Kors stores and reduce debt, while also investing in e-commerce and store renovations. Despite these efforts, S&P Global has expressed concerns about Capri’s ability to stabilize its operations effectively, with the company’s outlook remaining negative. These recent developments indicate a period of transition and potential transformation for Capri Holdings as it navigates challenges in the luxury fashion market.

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