Top luxury fashion companies cut prices and reduce work force in fighting the current crisis

Dolce Gabbana‘s annoucement this summer that it will reduce its price levels by 20% in 2010 is followed by John Richmond and Versace which have also recently confirmed the reduction of their price levels by 20% starting with 2010. The majority of top luxury fashion brands are paying much more attention to the production process, minimizing the risks of stocking.

In full restructuring process, Versace have announced this week it is cutting a quarter of its staff (350 employees). Earlier this month, Versace closed its stores in Japan. The new CEO of Versace, Mr Gian Giacomo Ferraris indicates that these measures will bring the company back to profit in 2011.