Versace'S Performance Deficit Increases Plans To Close More Stores
Versace
The board of directors passed the annual performance report of 2009.
The company's operating deficit was 49 million euros.
The poor performance is mainly attributable to the annual special expenditure of up to 37 million euros.
Versace said in a statement that the results "reflect the decline in fashion and luxury consumption in the world" and the results of the restructuring plan aimed at ensuring the brand's solid development prospects.
It plans to close 250 stores, about all.
Retail outlets
1/4 of the total.
this
Luxury fashion
Sales of accessories and accessories dropped from 336 million 300 thousand euros in 2008 to 268 million euros in 2009.
The global financial crisis has led to a sharp decline in demand for luxury goods by 2009, or to consumers instead of buying relatively low priced products.
Versace general manager GianGiacomo Ferraris expects the group to make a profit in 2011.
Based on the analysis of more than 10 banks and research companies in April, the Altagamma foundation showed that Italy's luxury goods sales prospects are very optimistic in Asia, South America and the Middle East.
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