A family business can be likened to an orchestra, where:
The founders and senior members are the seasoned musicians who have established the company's core values and operational harmony.
The next generation represents the new musicians bringing fresh perspectives, innovative ideas, and modern strategies.
Figure 1: Donatella and Gianni Versace.
Example: Versace (Italy)
Versace, founded by Gianni Versace in 1978, has been a symbol of luxury and bold fashion statements. After Gianni's tragic death in 1997, his sister, Donatella Versace, took over as Chief Creative Officer, leading the brand through significant transformations:
Legacy (Orchestra): Under Gianni's leadership, Versace established a reputation for daring and glamorous fashion, deeply rooted in Italian luxury and craftsmanship.
Innovation (New Musicians): Donatella infused the brand with contemporary aesthetics, collaborating with modern artists and integrating digital strategies to appeal to younger audiences.
In March 2025, Donatella announced her resignation after 27 years, marking the first time the label won't be designed by a family member. This transition symbolizes the end of the familial, distinctive charm that defined Italian fashion houses like Versace, Gucci, and Missoni (TheTimes, 2025).
By blending Gianni's original vision with modern industry trends, Versace exemplifies how family businesses can adapt without losing their identity, much like an orchestra blending classic melodies with new harmonies.
Reference:
The Times (2025) Farewell Donatella: So foolish yet fabulous. Available at: https://www.thetimes.com/comment/columnists/article/farewell-donatella-so-foolish-yet-fabulous-l0rlcbqxd