Fashion is On

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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Italian fashion house Versace denied news reports there was friction between design head Donatella Versace and Chief Executive Giancarlo Di Risio.

Newspapers have speculated about Di Risio possibly leaving the company. Daily Il Sole 24 Ore last week said he and design head Donatella Versace were “close to a divorce” because of disagreement over strategy.

“With regards to the recent news items and articles that have appeared in the press, the board unanimously and categorically denies the existence of friction between the CEO and the Creative Director Donatella Versace regarding the necessary policy of cutting costs,” the fashion house said in a statement.

Di Risio was hired at Versace in 2004.

Versace’s board also approved first-quarter results, which showed a fall in revenues of 13.4 percent compared with last year “but with a positive net result.”

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ITALIAN fashion house Missoni has made its mark on Sloane Street, opening its first ever standalone UK store.

“The UK customer has always demonstrated a great appreciation for the Missoni product and brand heritage. Consequently we have made the exciting decision to open the first Missoni UK standalone store. We are extremely excited about this addition to our store portfolio and look forward to being part of the vibrant and cosmopolitan London scene,” says Missoni ceo Mr Gasparini of the new 3,500-square foot boutique, which takes residence at 193 Sloane Street.

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Paris, France (CNS) – Italian fashion house Fendi has won one of France’s most prestigious media awards for its “Great Wall of China” runway show in 2007.

The Roman fashion house that is best known for its “baguette” handbags, won the Grand Prix for “Opérations événementielles, press, relations publiques,” in a ceremony in Paris on Wednesday.

Fendi’s China show beat nearly 260 other entries to grab the first prize.

The show, staged on October 19, 2007, was the first ever on the Great Wall, the world’s largest man-made structure, and featured 88 models, 44 from China and 44 from around the world, on a catwalk 88 meters long – since 8 is a lucky number in Chinese mythology.

The event was organized by “Strategies / Conde Nast de la Communication du Luxe. Strategies is France’s leading advertising trade publication, while Conde Nast is the global magazine stable.

In a press release, the jury said, “This Grand Prix recognizes the best strategies and communications projects by luxury brands in the domain of design.”

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Dolce & Gabbana (?dolt??e ænd ga?bana) is an Italian fashion house. Its designs are worn by the likes of Jennifer Lopez,Madonna, Monica Bellucci, Christina Aguilera, Isabella Rossellini and Kylie Minogue amongst others.

The company was started by the Italian designers Domenico Dolce and Stefano Gabbana and is based in Milan, Italy. By 2005 their turnover was £597 million (EUR€ 750 million).

Dolce (pronounced Dolche) was born in 1958, near Palermo, Sicily, whilst Stefano Gabbana (b. 1962) comes from Milan. The pair first met in Milan in 1980, while working as assistants in an atelier. They started business together in 1982, and continued to do freelance designing for others.

In 1985, they made their name together when the organisers of the Milano Collezioni invited them to take part in a fashion show to launch “New Talents”. Just one year later in 1986, they presented their first independent women’s ready-to-wear show that won international acclaim. The brand soon expanded to knitwear, beachwear, lingerie and accessories, and also introduced menswear and a line of signature fragrances.The first boutique opened in 1989 in Tokyo, Japan. With subsequent openings in Milan and Hong Kong.

In 2005 the duo ended their romantic relationship but continued their professional relationship as friends. They resumed their romantic relationship in 2008.

In October 2006, they opened their first restaurant, Gold on Via Poerio in Milan with an entirely gold coloured interior. The 202-seat boite, just behind their Metropol show space, sports a first-floor gourmet restaurant, a ground-floor casual bistro and a small food shop that carries items from Gold’s traditional Mediterranean menu.

In 2008, the fragrance Light Blue Pour Homme received “Best Men’s Fragrance” by the Acedemia del Profumo and the U.S. Fifi award.

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