VERSACE Group reports losses for 2010 but optimistic about future

A press release from the VERSACE Group yesterday indicated that losses for 2010 were in line with expectations, without providing specific figures and without a comparison with 2009. The company’s turnover grew by 9% to a level of 292,3 million euros in 2010. The group’s CEO also confirmed that the three months of 2011 were comparable with the same period of 2010, hence his optimism for a recovery in 2011.

The restructuring plan which was launched mid 2009 included cutting staff by 250, closing stores in Japan and improving logistics and distribution.