There have been some major changes going on over at the Versace fashion house this season as the company tries to turn itself around. The new chief financial officer has been appointed and he’s a former industry figure.
Additionally, the Italian designer clothing label is increasing its board of directors in a bid to get its finances back on track.
Forming part of the restructuring is the appointment of Francesco Buccola, ex-Gucci finance director, as the replacement for Massimo Sala.
The board of directors at Versace has also been expanded to eight members and sees former executive at the Gucci Group and Abercrombie & Fitch and ex-chief executive of Barilla Holding Robert Singer join the table.
According to Reuters, Donatella Versace, daughter Allegra and brother Santo – owners of the brand – are hoping to return the company to a profit-making position in 2011.
This year, a pre-tax loss of €30 million (£26.8 million) is expected to be posted, up from €400,000 in 2008.
Founded by Gianni Versace in the ’70s, his sister took over the running of the company after he was shot outside his home in 1997.
Previous faces of the label have included Madonna, Gisele Bundchen, Kate Moss and Halle Berry.
