Substituting Mr. Giancarlo Di Risio is Gian Giacomo Ferraris as the brand new chief executive officer of the famous Italian fashion logo- Gianni versace SpA. The new appointed CEO is stepping in as the other is resigning due to irreconcilable differences about the company’s future.

This big Italian fashion house has great confidence in Ferrari who has adequate experience in the apparel industry of up to twenty years. He has held the same CEO position since 2004 at Jil Sander Group and previously a managing director of the RTW section Gucci group, so, the Versace asserted in a statement. The Monday of the coming week, Giacomo will inherit this high-ranking position officially.
As the statement further said, the new appointment of Ferrari is a representation of the boards of directors and shareholders determination to keep on pledging a well-built, proficient and joint executive management to the Versace group. As an expected step of a company desiring to survive the economic crisis, Versace fashion house publicized recently that its previous CEO was resigning. His exit was predictable following the board’s approval of a new 3-year strategy to help the company deal with the effects of the global economic crisis, May this year.

Nevertheless the company kept hushed the friction between Donatella Versace, its creative director and Di Risio, the outgoing CEO concerning its plans particularly those aimed at cost reduction. This legendary fashion house initiated by the late Gianni Versace has always been a private company owned and controlled by his family members. This company having lost at least thirteen percent losses of revenues earlier this year due to collapse of Ittierre, which warrants its sportswear and jeans, was granted bankruptcy protection in February. One can therefore think that the overhaul of company leadership is justified for they have lots of errors to correct and continue to exist in the hard-hitting economic times.