News & Scoops

2009 June 5

Versace CEO Steps Down

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(MILAN) Gianni Versace SpA and its CEO Giancarlo Di Risio made a "mutual decision" to discontinue their partnership, according to a statement. Di Risio plans to stay on at the company, where he has served since 2004, until a successor is found. For the last several weeks, the fashion world has fielded rumors of such an event, which was allegedly incited by creative differences between Di Risio and Donatella Versace, who owns a 20% stake in the firm and is backed by daughter Allegra Versace Beck, who inherited a 30% stake when her uncle Gianni Versace died in 1997.


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