Versace eyes Pieter Mulier as creative lead to reignite brand heat and accessories growth
Bottom Line Impact
If confirmed and well-executed, a Mulier-led creative reset at Versace could modestly pressure margins in the next 12-18 months but set up a stronger medium-term revenue trajectory, elevated accessories mix, and a more defensible, high-glamour brand positioning within the top tier of global luxury fashion houses.
Key Facts
5- Pieter Mulier has led Alaïa since 2021, during which the brand has more than doubled in size and delivered sustained double-digit revenue growth for parent Richemont's fashion and leather goods segment.
- Mulier previously served as Raf Simons' key lieutenant at Dior, Calvin Klein, and Jil Sander, and later became creative director at Calvin Klein, overseeing both womenswear and menswear ready-to-wear.
- Versace's creative director role is vacant after Dario Vitale's departure following just one season, reflecting a high strategic urgency from new executive chairman Lorenzo Bertelli to reset creative direction.
- Bertelli's stated intent is not a radical overhaul but a reconnection to the founding Versace family's style codes, aligning closely with Mulier's proven ability at Alaïa to honor house DNA while modernizing products and silhouettes.
- Under Mulier, Alaïa has significantly expanded its accessories offer in shoes and bags, positioning accessories as a core growth engine rather than a support category, a model Prada Group is likely seeking to replicate at Versace over the next 3-5 years.
Time Horizons
Key Roles Affected
Executive Summary
Prada Group is reportedly courting Alaïa creative director Pieter Mulier to take over Versace, signaling an intent to rebalance the house toward heritage-driven glamour with a more disciplined, accessories-led strategy. If confirmed, this move could materially improve Versace's medium-term brand equity and leather goods trajectory, but introduces 12-18 months of execution risk in creative transition, assortment, and communication.
Actionable Insights
Immediate Actions (Next 30-90 days)
Scenario-plan for a 12-18 month creative transition period at Versace, including conservative near-term revenue forecasts, focused SKU rationalization, and targeted investment in accessories and hero categories rather than broad assortment expansion.
Rationale: Creative resets typically depress productivity for 1-2 seasons before new product vocabularies scale; proactively calibrating expectations and investments will protect margins while preserving runway for a strategic repositioning toward heritage-driven glamour and leather goods.
Role affected:CEO
Urgency level:immediate
Short-term Actions (6-12 months)
Develop a brand narrative roadmap that shifts Versace communications from celebrity-driven noise to a more codified storytelling platform around heritage, craft, and a new accessories iconography timed to Mulier's potential debut collection.
Rationale: If Mulier is appointed, communication must pivot quickly from 'creative vacancy' to 'heritage reawakening' with a clear focus on product, otherwise early collections risk being perceived as aesthetic experiments rather than the basis for a long-term platform.
Role affected:CMO
Urgency level:short-term
Rebalance the product mix roadmap to favor a tighter RTW offer with clear brand codes while building 2-3 scalable accessories families (core bag line, evening capsule, signature shoe) that can be repeated and iterated over multiple seasons.
Rationale: Mulier's track record at Alaïa shows that coherent, repeatable product architectures outperform eclectic seasonal statements; codifying Versace's design DNA into durable product platforms will support higher full-price sell-through and lower markdowns.
Role affected:Chief Merchandising Officer
Urgency level:short-term
Strategic Actions
Ring-fence incremental capex and opex for accessories development and industrial capabilities (pattern-making, molds, specialized leathers) at Versace, with clear ROI hurdles and 3-5 year payback assumptions aligned to Alaïa-like double-digit growth scenarios.
Rationale: An accessories-led expansion requires up-front design, development, and supplier investment; disciplined capital allocation tied to specific bag and footwear platforms will maximize margin accretion and avoid over-diffusion or unproductive SKU proliferation.
Role affected:CFO
Urgency level:strategic
Risks & Opportunities
Primary Risks
- Transition risk: A 12-18 month gap between creative reset and full commercialization of a new accessories and RTW vocabulary could lead to softer sell-through and increased markdowns across 1-2 seasonal cycles.
- Consumer misalignment: A strong pivot back to heritage Versace glamour may overshoot current consumer appetite in key markets, particularly among younger, quieter-luxury-leaning cohorts, leading to polarized reception.
- Organizational strain: Integrating a high-profile creative director with deep external loyalties (Raf Simons circle, Alaïa culture) into Prada Group's governance and Versace's existing teams may create friction and execution delays.
Primary Opportunities
- Brand heat revival: A high-visibility appointment can re-energize Versace's cultural relevance, increasing earned media value, celebrity placements, and social engagement, especially in the US and EMEA.
- Accessories-led margin uplift: Replicating Alaïa's accessories playbook at Versace could drive high-margin leather goods and footwear growth, improving mix and raising group EBIT margins over 3-5 years.
- Heritage repositioning: Reconnecting to the founding family's style offers a chance to clarify brand codes, rationalize SKUs, and create a more defensible, distinctive positioning versus Gucci, Balenciaga, and other 'maximalist' competitors.