Considering its global fame, it’s surprising to learn that the Italian fashion company Versace has only been in existence since 1978.
But from its very founding by its namesake, designer Gianni Versace, its success exploded like wildfire. The firm designs, markets and distributes high-end clothing and jewelry, but also home furnishings and other accessories such as frangrances and cosmetics. It also operates a hotel in Australia and is developing another in Dubai.
For a sense of what a Versace item might go for: it’s not uncommon for the firm’s suits to sell for about $5,000 and for its dresses to fetch $10,000 apiece. However, the company also operates a subline called Versace Jeans that produces more affordable, casual clothing.
Since 1991, Versace has opened boutiques under its name outside of Italy; to date it has opened 82, while also operating 123 retail areas inside other high-end department store locations around the world.
In 1997, Gianni was killed and his sister Donatella, until then the firm’s vice-president, stepped into his role as creative director.
