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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.
Earlier this week the group denied a feud between creative director Donatella Versace and di Risio. Di Risio was hired in 2004 by Versace, which is owned by Donatella, her brother Santo and her daughter Allegra.
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&Co to draw up a new financial strategy. The two are also understood to have disagreed over the cost of various promotions.
The company, known for its Medusa-head logo and penchant for gold, last year reported an 8.2 per cent rise in revenues to £336m.