There’s a scene in “The Devil Wears Prada” where Meryl Streep’s Miranda Priestly is fighting to keep her top fashion magazine job. Over coffee in Paris, Priestly slips a piece of paper to her boss containing the names of “designers, photographers, editors, writers, models — all of whom found by me, nurtured by me and have promised me they will follow me whenever and if ever I choose to leave.” Naturally, the boss reconsidered and Priestly won the day.
A stylist friend recently recalled this scene to me in the context of Donatella Versace, the lauded designer (and star in her own right) who has been the face of her namesake fashion house for nearly 30 years. A January report said Versace’s contract with her brand’s owner, Capri Holdings, expires in February. Chatter from Milan wonders if that deal will be renewed.
It would be a fascinating pivot for Versace, 69, to depart a company she sustained and scaled for decades after the shocking 1997 murder of her brother and founder Gianni. More interestingly, it has industry tongues wagging about what exactly Capri inherits if she walks away.
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“Donatella isn’t just a great designer, she is and always has been the curator of the world of Versace,” one entertainment executive said, speaking on the condition of anonymity. “And that’s all about the talent who wants to work with her.”
Celebrity is a dominant strand in Versace’s DNA. This was evident in early days when the house made global sensations of its ‘90s models (Naomi Campbell, Claudia Schiffer, Cindy Crawford) and anointed music royalty as high fashion stars (Madonna, Cher, Elton John). Many style publications note that the red carpet was forever changed in 1991 when Crawford attended the Oscars with Richard Gere, rocking a body-hugging Versace creation in fire engine red. Not unlike Priestly and her powerful list, the Versace brand is still very much defined by the level of talent that flocks to Donatella and the clothes she makes for them.
Last year, some of the biggest figures in film and music wore Versace to great effect. After Anne Hathaway continued as a brand ambassador for Versace – electrifying her image with playful latex creations and “Valley of the Dolls” hair. Chart topper Sabrina Carpenter wore Versace for her induction as one of Time magazine’s 100 Next most influential. Beyonce joyously ushered in her “Cowboy Carter” era in a vintage Versace Western-inspired number.
Perhaps its best illustrated this dispatch from Donatella’s Fall 2023 collection unveiling in West Hollywood, on the eve of the Academy Awards: “A rainy forecast forced the Versace team to push everything a day earlier. The fact that Versace was still able to pull such a guest list with the change of plans proves just how much the stars want to be involved with anything Donatella.” Accommodating schedule changes during the pre-Oscar events marathon? That’s the Los Angeles equivalent of donating a kidney. Dua Lipa, Cher, Miley Cyrus, Hathaway, Channing Tatum and Lil Nas X all lined that front row, and fashion insiders say it would be foolish for Capri to think they could maintain it without her.
The Versace brand could always pivot to a stunty designer-for-hire, as has been the case with other historic design houses with living namesakes (Versace and Miuccia Prada are the only enduring flag bearers of their own houses in the current marketplace). In December, Variety sister publication WWD reported that Capri Holdings was exploring a sale of Versace and another of its household retail names, Jimmy Choo. Capri could certainly point to successful revivals like the one Demna Gvasalia has led at Balenciaga. Some of the most promising young designers have been fostered by Versace herself, including Christopher Kane and Hollywood’s indie fashion heartthrob Jonathan Anderson. But would a Donatella-less Versace hold any appeal?
If Capri were to split that stylish atom, Donatella could easily find backing for a new line. Multiple talent reps I spoke with said any of the major agencies could expand her world in media and consumer products. Despite a 2016 retrospect that was heavy on photography, Versace has produced no meaningful memoir about her life. The publishing, film adaptive and stage rights to Donatella’s life story could fetch top dollar, especially thanks to the celebrity component. Her story was marginally explored in Ryan Murphy’s “The Assassination of Gianni Versace: American Crime Story,” though it did touch on issues like her lifestyle, insecurity and the misogyny Versace has faced as a designer. Penelope Cruz earned Emmy, Golden Globe and SAG award nominations for her portrayal of Donatella.
This is to say nothing of development deals in scripted and unscripted content, as well as beauty and fragrance opportunities. Particularly in a moment where high fashion and show business are intensely aligned. Saint Laurent has been quietly building power as a co-producer of films for several years. Less than 18 months ago, Kering CEO François-Henri Pinault closed a $7 billion deal for talent agency CAA. But in the end, Donatella is a Versace who designed a dress so show-stopping that it led to the creation of Google Images. Does she want to leave Versace?
A spokesperson for Versace did not respond to a request for comment on the status of Donatella’s deal. Until there’s more clarity, that’s all. As Miranda Priestly would say.