What is Donatella Versace's Net Worth and Salary?
Donatella Versace is an Italian fashion designer who has a net worth of $400 million. Donatella is the younger sister of famed designer Gianni Versace and inherited control of his company, Versace, after he was tragically murdered in 1997. She has served as Versace's CEO, chief creative officer, and artistic director, and she was instrumental in selling the company to Michael Kors for $2.12 billion in 2018.
Versace designed the Palazzo Versace Australia resort and was also involved in the design of Palazzo Versace Dubai, and in 2005, she designed a MINI Cooper Cabrio to benefit the Life Ball charity event.
After Gianni was murdered in 1997 by a deranged fan, Donatella's daughter Allegra inherited a 50% ownership stake in the Versace fashion empire. Donatella inherited 20% of the company and her uncle Santo (Gianni's brother) inherited 30%. Since Allegra was just eleven years old at the time of her uncle's tragic murder, Donatella and Santo took control.
Early Life
Donatella Versace was born Donatella Francesca Versace on May 2, 1955 in Reggio di Calabria, Italy. She grew up with mother Francesca (a dressmaker), father Antonio (a salesman), and 3 older siblings, Gianni, Santo, and Tina; Tina sadly passed away at just 12 years old from a tetanus infection. Francesca taught Donatella and Gianni about fashion design, and Versace began dying her hair blonde when she was 11 at Gianni's insistence. Donatella enrolled at the University of Florence in 1973, majoring in foreign languages and planning to become a teacher. While attending university, she often went to Milan to help Gianni with his clothing business.
Career
Versace originally planned to work in the public relations department of Gianni's company, but he valued her as a critic and a muse, and when he founded Versace in 1978, he made Donatella Vice President of the company. Donatella was involved with coordinating Versace's fashion shows and advertising campaigns, and Gianni gave her a fashion label, Versus, in the 1980s and launched a perfume, Blonde, in her honor. Donatella became more involved in the business when Gianni had cancer in the mid-1990s, and after his murder in 1997, Donatella became Versace's head of design. Several celebrities have been featured in Donatella's Versace advertising campaigns, including Madonna, Demi Moore, Courtney Love, and Nicki Minaj. From October 2002 to January 2003, London's Victoria and Albert Museum showcased Gianni and Donatella's most well-known designs during a special exhibit called "Versace at the V&A."
(Photo by Stuart C. Wilson/Getty Images)
Donatella's most talked about design is the low-cut silk chiffon dress Jennifer Lopez wore to the 2000 Grammy Awards; within 24 hours of the event, the Grammy website's images of the dress had been downloaded more than 640,000 times. Later that year, "South Park" creator Trey Parker wore a copy of the iconic dress to the Academy Awards. In pop culture, Donatella has been portrayed by Maya Rudolph ("Saturday Night Live"), Gina Gershon (" House of Versace"), and Penelope Cruz (" American Crime Story: The Assassination of Gianni Versace"), and Lady Gaga wrote a song for her, "Donatella," which appears on her 2013 album "Artpop." In 2016, Donatella released the book "Versace" which chronicles her career as well as the company's legacy.
Versace Acquisitions
In 2014, Versace sold a 20% stake in the firm to private equity firm Blackstone. The investment valued Versace at roughly $1.4 billion. Subsequently, Allegra's 50% stake was worth around $700 million and Donatella's was worth $280 million. On September 25, 2018, Michael Kors Holdings announced it had struck a deal to acquire Versace for $2.2 billion.
Personal Life
Donatella married American model Paul Beck in 1983, and they welcomed daughter Allegra Versace in 1986 and son Daniel in 1989 before divorcing in 2000. Versace wed Manuel Dallori in 2004, and they ended their marriage the following year. Donatella was very close to Gianni and was devastated when he was murdered by Andrew Cunanan in July 1997. She struggled with drug addiction after her beloved brother's death and went to rehab in 2004.
Awards and Honors
Versace was named the 2012 and 2016 Fashion Designer of the Year by "Glamour" magazine as well as the 2010 Woman of the Year. She received the FGI Superstar Award in 2008 and the British Fashion Council's Fashion Icon of the Year award in 2017. In 2018, Donatella earned the distinction of becoming the first woman to win the Designer of the Year award at the "GQ" Men of the Year Awards in both the U.K. and China, and she also won the Fashion Icon award at Berlin's "GQ" Awards. Also in 2018, the Council of Fashion Designers of America gave her the International Award, and The Green Carpet Fashion Awards honored her with The CNMI in Recognition for Sustainability Award.
Real Estate
In 2019, Donatella Versace paid approximately 5 million euros ($5.6 million) for a 15,000 square foot mansion in Meina, Italy, known as Villa Mondadori. The 4-story home overlooks Lake Maggiore and features 50 rooms, including 20 bedrooms and 12 bathrooms.
