In 1972, Gianni Versace designed his first collections for Callaghan, Genny, and Complice. In 1978, the company launched under the name “Gianni Versace Donna.” Versace was one of the few independent designers who was in control of everything about the brand, from designing to retailing. In 1982, the company expanded into the accessory, jewelry, home furnishing, and china industries. In 1993, Donatella Versace created the “Young Versace” line as well as “Versus.” In 1994, the brand gained widespread international coverage due to the black Versace dress of Elizabeth Hurley, referred to at the time as “that dress”.

Versace was often described as the “Rock n’ Roll designer” because they designed for many famous clients, including Elton John and Michael Jackson. Versace designed the stage costumes and album cover costumes for Elton John in 1992. Versace has also designed clothing for the Princess of Wales and Princess Caroline of Monaco. The Versace company is known for using the same models in their ads as they do on the runway.

After the murder of Gianni Versace in 1997, his sister Donatella Versace, formerly vice-president, took over as creative director, and his older brother Santo Versace became CEO. Donatella’s daughter Allegra Versace was left a 50 percent stake in the company, which she assumed control of on her eighteenth birthday.

In 2000, the “green Versace dress” worn by Jennifer Lopez at the 42nd Annual Grammy Awards gained a lot of media attention, being voted as the “fifth most iconic dress of all time” in 2008, with Hurley’s 1994 dress being voted first in a Daily Telegraph poll.

The company’s profits were in decline in the early 2000s. In February 2014 The Blackstone Group purchased a 20 percent stake in Versace for €210 million. On 24 September 2018 Michael Kors announced that it offered a deal to buy Versace for 2 billion euros.