Friday, 30 October 2009

Versace Forced To Cut 350 Jobs – 30/10/09

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.

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Who's behind the MO DOWN

Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,