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In response to the still-lagging world economy and the drop in the luxury goods market, Versace has announced its plans to guillotine a quarter of its international work force in order to cut costs and pave the way for company restructuring.<\/p>\nIn response to the still-lagging world economy and the drop in the luxury goods market, Versace has announced its plans to guillotine a quarter of its international work force in order to cut costs and pave the way for company restructuring.<\/p>\n
Although companies backed by luxury mega-giant LVMH are doing relatively well thanks to the conglomerate’s deep pockets, Versace — though a luxury brand — is still struggling because it is privately-owned and thus can not depend on the stabilizing stock market to stay out of the red.<\/p>\n
If all goes as planned, the Versace brand should be out of deep water and generating revenue by 2011.<\/p>\n