Vittorio, his wife, another couple and two Venezuelan pilots were on board the small tourist biplane when it vanished from the radar, The Daily Telegraph reported. The plane took off Friday from Los Rosques where the Missonis had spent Christmas and New Year's at a resort, Justice and Interior Minister Nestor Reverol.
Italian foreign ministry officials said they are working with Venezuelan rescue crews to conduct air and sea searches for the plane.
Vittorio, 58, is the eldest son of Ottavio and is the commercial and marketing director of the Missoni Spa, the Telegraph reported. The Missoni brand is worth more than $96.3 million.