(c) 2009 Dow Jones & Company, Inc. Reproduced with permission of copyright owner. Further reproduction or distribution is prohibited without permission.ROME -- Gianni Versace SpA has tapped Gian Giacomo Ferraris as chief executive, in a move aimed at shoring up the fashion house's leadership.
Mr. Ferraris, who has been chief executive of the German fashion label Jil Sander since 2004, will take the reins at Versace on July 15, the company said Tuesday.
Like many of Italy's small, family-owned fashion houses, Versace has struggled to weather the fallout of the global financial crisis, lacking the scale and financial muscle of larger rivals such as LVMH Moeet Hennessy Louis Vuitton SA.
Italian designer Roberto Cavalli has also been on the hunt for a chief executive to turn around operations at his namesake label.
Versace's future has been uncertain for months as the company's former CEO, Giancarlo Di Risio, clashed with designer Donatella Versace over how to cut costs at the label. Mr. Di Risio resigned last week after the company's board approved a restructuring plan drawn up by outside consultants.
The relatively swift appointment of Mr. Ferraris, who has also worked for PPR SA's Gucci Group, "represents the determination of the shareholders and Board of Directors to continue to guarantee a strong, competent and united managerial leadership," the company said.
The fashion house's founder, Gianni Versace, was shot to death in 1997. His sister, Ms. Versace, now owns a 20% stake in the company. Her daughter, Allegra Versace Beck, holds a 50% stake. Santo Versace, brother of the late designer, owns 30% of the company.
Credit: By Giada Zampano