Versace finds new CEO at Alexander McQueen, again

Dive Brief:

Alexander McQueen CEO Emmanuel Gintzburger is leaving to take the chief executive job at Versace, effective Sept. 12, owner Capri Holdings said in a press release on Monday. He replaces Michael Kors veteran Cedric Wilmotte, who has been serving in the interim.
The brand's previous permanent chief, Jonathan Akeroyd, had also once served as Alexander McQueen CEO. Akeroyd arrived at Versace in 2016 and is leaving Capri this month to lead Burberry.
In May, Gianfilippo Testa, who has been in leadership roles at Kering's Gucci label for six years, replaces Gintzburger as Alexander McQueen CEO.

Dive Insight:

It's a time of upheaval for Capri, yet the luxury conglomerate is managing to keep things consistent at the same time.

Earlier this month, the company said it had changed its mind about the succession plan announced last year, and that John Idol would be staying on as board chair and chief executive after all.

Now it's going back to the same well to replace its Versace leadership. In addition to his time leading Alexander McQueen, Gintzburger held leadership roles elsewhere, including at Saint Laurent from 2009 to 2016, at Lanvin from 2007 to 2009, and at Sephora. He also spent six years at Louis Vuitton in Hong Kong, per Capri's release.

Emmanuel Gintzburger

Courtesy of Capri Holdings

All of these executives have ample experience in the luxury space and with the particular challenges at conglomerates. Anyone working at a brand like Versace, where Donatella Versace remains as creative director, faces the added intricacies of working with a longtime executive and family member involved with an iconic brand from its start. In a way Versace still sees itself as a family, according to Thomai Serdari, professor of luxury marketing and branding at New York University's Stern School of Business.

"One needs to consider the very strong internal culture at Versace and the brand's Italian DNA," Serdari said by email. "The fact that both are from McQueen proves that Versace is seeing something in the McQueen strategy that they would like to replicate."

In a statement, Donatella Versace said she is delighted with the choice of Gintzburger, given his luxury background. "As soon as I met him, I knew he was the perfect partner to help us take Versace to even greater heights."