VERSACE continues major restructuring

Since becoming CEO of Versace SpA in 2009, Gian Giacomo Ferraris has been pursuing relentlessly the restrutcuring plan of the Italian group which registered losses of EUR 30 million in 2009. After closing all its stores in Japan, Versace SpA will also shut down its accessories factory in Burago near Milan laying off more than 350 employees. The general restructuring plan includes laying off 1300 employees in the following years. The positive news this month is the launch of the first women’s VERSACE COLLECTION line which will be more accessible than the main line, with 30% lower pricing.