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Versace says "no friction" with chief executive

Versace has issued a second statement denying there is friction between shareholder and creative director Donatella Versace and the luxury brand’s chief executive Giancarlo Di Risio, following a crunch board meeting held in Milan last night.

Di Risio was widely expected to resign after a board meeting held last night, which was expected to see cost-cutting strategies devised by consultants Bain & Co approved.

Speculation had mounted over recent days that Di Risio was unhappy with Bain & Co’s suggestions, and was preparing to resign from his position. Sources insist his intention remains to step down from Versace within the next few days.

Versace, which is 100% owned by Versace family shareholders, reiterated that the board “unanimously and categorically denied the existence of friction between the chief executive and creative director Donatella Versace regarding the necessary policy of cutting costs”.

The statement added: “The financial and operational management of the company has always been the responsibility of the chief executive, as laid out by the corporate governance of the company and the board has always unanimously given priority to any actions taken to guarantee the patrimonial and financial stability of the company.”

For more on fashion moves in the luxury sector see Drapers magazine on Friday.

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