Versace CEO Resigns

21 May 2009

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Versace CEO, Giancarlo di Risio has reportedly resigned from his position this afternoon.

According to WWD, the designer quit amidst rumours of a rift with the members of the Versace family, bringing his five year reign at the company to an end.

Last year saw di Risio announce that Versace would not slash its prices in response to the recession, but would instead cater for its regular client.

In an interview he gave back in January, di Risio said: "In Via Montenapoleone or in Via Condotti, you could already buy goods at half price in mid-November," reports Vogue. 

"This policy is ruining a market which, given that it is at the high end, should be more protected. For me, fans of sales are different to regular buyers," he added.

The luxury Italian label then saw their profits dip 30 per cent, as the worldwide recession started to impact on the fashion world and people's spending habits.