Fashion turns to fury as Versace chief exec walks

VERSACE chief executive Giancarlo di Risio will soon leave the Italian luxury firm after a series of boardroom clashes.<br /><br />Earlier this week the group denied a feud between creative director Donatella Versace and di Risio. &nbsp;Di Risio was hired in 2004 by Versace, which is owned by Donatella, her brother Santo and her daughter Allegra.<br /><br />Versace and di Risio are thought to have clashed after di Risio urged caution during the recession, and objected to the cost of hiring Bain&amp;Co to draw up a new financial strategy. The two are also understood to have disagreed over the cost of various promotions.<br /><br />The company, known for its Medusa-head logo and penchant for gold, last year reported an 8.2 per cent rise in revenues to &pound;336m.