As we speak, Versace is in crisis mode. A quarter of their workforce will be axed and the company expects to make a loss for 2009.
In an AFP article, Versace's C.E.O, Gian Giacomo Ferraris, said, "Trading conditions in the wake of the global financial crisis have been severe and the company expects to make a loss in 2009.”
Versace announced earlier this month that they were closing their Japanese stores (see the MO Down for 8 October). Let’s hope all this cost-cutting combats their financial downturn.