Versace Names a New CEO

Versace 2009 Resort Collection

The Italian fashion house, Gianni Versace SpA, recently named Gian Giacomo Ferraris as its new chief executive.  Ferraris replaces Giancarlo Di Risio who is stepping down over differences about the company's future.

Mr. Ferraris most recently worked as CEO of the Jil Sander Group and before taking over at Jil Sander, was managing director of the RTW division for Gucci Group.

The company has advised that the change in leadership is due to steering the luxury brand through the tough economic times, although there are rumors ciruculating about the friction betweenMr. Di Risio and Donatella Versace, the fashion house's creative director.  The discord seems to have centered around the company's strategy, including the need to control costs.

Mr. Di Risio was brought in by the family in 2004 after a €120-million ($186-million) debt restructuring package was agreed with the banks.

The company is privately owned by members of the family of the late founder Gianni Versace. Its revenues fell 13 per cent in the first quarter of the year due largely to the insolvency of Ittierre(hmm, we may have remembered recently in the press due to the Roberto Cavalli furor), which licenses Versace jeans and sportswear and was granted bankruptcy protection in February.


Source Globe and Mail

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