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MILAN — Versace chief executive Emmanuel Gintzburger has resigned, Prada Group said on Wednesday, as its overhaul of the recently acquired iconic Italian label accelerates.
Gintzburger’s replacement will be named “in due course,” Prada said, confirming a report in WWD. The company declined to give further details and the executive could not be reached.
Gintzburger joined Versace as CEO in late 2022 after six years at the helm of Alexander McQueen. He has also held executive positions at Saint Laurent, Lanvin and Sephora. During his tenure at Versace, Gintzburger oversaw transitions including the transfer of ownership from US-based Capri Holdings to Prada, as well as the departure of Donatella Versace who was replaced by Dario Vitale last year after three decades in the role.
Since closing its €1.25 billion ($1.42 billion) acquisition of Versace in December, Prada has replaced most of Versace’s C-suite and ousted Vitale, whose debut with Versace at Milan Fashion Week in September exceeded expectations.
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Pieter Mulier, the former design director for Alaïa and a long-time close collaborator with Prada co-creative director Raf Simons, is scheduled to start as creative director on July 1. His first show will take place in January 2027.
The incoming CEO and Mulier will be tasked with revitalising a popular culture mainstay whose business performance has not matched the strength of its brand in a market increasingly dominated by larger heritage houses.
Like most of its peers, Versace has suffered through the downturn in luxury demand, with revenue dropping by a quarter over the last two years. But Versace’s woes run deeper than many other fashion houses, with its most recent annual revenue below that of the fiscal year that ended in March 2020, the first full year under its previous owner, Capri Holdings. Versace booked a loss in its last fiscal year.
Andrea Guerra, Prada’s chief executive, has said investors shouldn’t expect any quick miracles with Versace because “the journey will be long and will require disciplined execution and patience.” Guerra and Lorenzo Bertelli, Versace’s executive chairman and scion of the Prada-Bertelli family, have promised to preserve Versace’s “DNA” while improving finances by leveraging Prada’s more efficient supply chain, retail network and global reach.
Prada acquired Versace with plans for a complete revamp and borrowed €250 million to invest in the endeavour. Analysts have said that Prada should concentrate on pushing Versace back upmarket, dialling back discounts and reducing the presence at outlet malls.
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Pieter Mulier to Design Versace, Prada Group Confirms
The outgoing Alaïa designer and long-time lieutenant of Prada co-creative director Raf Simons will be tasked with revitalising Prada Group’s new acquisition, following the ouster of Dario Vitale in December.
