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Versace CEO Packing Up


According to WSJ, Gianni Versace SpA CEO, Giancarlo Di Risio is expected to resign. Apparently, there has been months of clashes between Giancarlo Di Risio and Donatella Versace over how to cut costs as a result of this insane recession. “A statement issued by the company says the professional relationship between Versace and CEO Giancarlo Di Risio has not been terminated.”

“The Versace family issued a statement Thursday saying that “the professional relationship between Versace and its CEO” hasn’t been terminated. Versace is focusing on “measures it should adopt to confront the effects of the economic downturn on the luxury sector,” the statement said.

Ms. Versace owns a 20% stake in the company, which was founded by her brother, the late Gianni Versace. Her brother Santo Versace owns 30%. Ms. Versace’s 22-year-old daughter, Allegra Versace Beck, owns 50%. Ms. Beck has backed her mother in the designer’s clashes with Mr. Di Risio, the person familiar with the matter said.

A resignation by Mr. Di Risio, which would come as Versace’s profit is suffering, would highlight the pressure faced by Europe’s many family-owned fashion houses. Such companies are suffering more than their larger, financially sturdier peers amid the global economic slump.”

credit: wsj, shopping blog


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