Queen of pop Madonna has been unveiled as the newest face for high fashion brand Dolce & Gabbana, and is set to front their Spring/Summer 2010 campaign. The Italian fashion duo, Domenico Dolce and Stefano Gabbana has announced the news on their online magazine, Swide.com.
To have Madonna in our campaign is a dream come true.
Dolce and Gabbana’s spring/summer 2010 collection will return to the Italian roots of the brand, evoking its strong heritage and revisiting iconic pieces such as the corset, so it’s only fittingMadonna, with her Italian heritage and strong sensuality, should be the one to showcase the Sicilian-inspired collection. Domenico Dolce and Stefano Gabbana Said.
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The German luxury fashion house Escada has been sold to Megha Mittal (daughter-in-law of steel magnate Lakshmi Mittal) for an undisclosed price, the company said on Thursday.
“Today the insolvency administrator of ESCADA AG signed a sale and transfer agreement with one of the Mittal Family Trusts,” the company said in a statement late on Thursday after the preliminary creditors’ committee approved the deal.
The statement also said: “The board of management and the new investor have agreed to cooperate on the basis of the business strategy launched in mid-2008 securing continuity of the operative business.”
All assets, shares and subsidiaries of the Escada business will be transferred to Mittal, excluding those that serve as guarantor for the Escada bond.
Escada, once one of the world’s top fashion brands, filed for insolvency in August after years of diminishing sales.
Italian fashion house Versace is cutting about a quarter of its global workforce and expects to post a loss this year as it takes a hit from slumping demand for luxury goods and designer items in the financial crisis.
The celebrity-favorite fashion brand, whose gowns are worn byHollywood actresses such as Angelina Jolie, is taking measures aimed at returning the group to profitability in 2011, it said in an emailed statement.
A source close to the company said Versace had a pretax loss of 400,000 euros ($593,400) last year and this would widen to 30 million this year.
Versace, which has a total workforce of 1,360, said it would cut about 350 jobs worldwide in a reorganization plan which will see it rationalize production facilities, review its store network, reduce capital investment next year and cut overheads.
All measures will be implemented by the middle of next year.
“Trading conditions in the wake of the global financial crisis have been severe and the company expects to make a loss in 2009,” Chief Executive Gian Giacomo Ferraris said in the statement.
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