The small, private aircraft was found off the Venezuelan coast, where Missoni, 58, had been vacationing before the disappearance, Vogue reported.
Missoni, his wife, two family friends, and two pilots went missing in January. A pilot who saw the plane take off gave an ominous description of a dark storm cloud.
The plane was found after a new search was started using a specialty ship a few days ago. Authorities are trying to figure out how to excavate the plane to determine whether there are bodies inside.
Missoni is the son of the brand's founder.
The upscale label is known for its vibrant striped patterns. The fashion house had a highly successful collaboration with Target in 2011.