Dana Thomas details in Newsweek how Versace became a bit of a mess after the death of Gianni. It used to rake in over $1 billion in sales, but now makes less than half of that. Run by the family since its inception, Donatella and Santo were reportedly resistant to changes that might have helped them adapt to new times and new economies. Thomas reiterates previous reports about ex-CEO Giancarlo Di Risio leaving the label abruptly earlier this year (after a five-year reign) over disputes with Donatella about cutting back her lavish lifestyle. (He apparently began trying to meddle in the creative side of things, which ultimately was the last straw for Donatella.)
Even when the family was slammed with an inheritance-tax bill that required them to take out a five-year, $100 million bond, the Versaces couldn't let go of their material things.
"There was zero expense control in the company, and the lifestyle was absolutely, positively insane," says the Versace source. "When the earnings went down, the lifestyle didn't."
But with the label bleeding money and readying to lay off 350 workers, the family has made concessions. Last year they sold their Lake Como estate, which is said to have devastated Donatella.
Jacked from The Cut
Even when the family was slammed with an inheritance-tax bill that required them to take out a five-year, $100 million bond, the Versaces couldn't let go of their material things.
"There was zero expense control in the company, and the lifestyle was absolutely, positively insane," says the Versace source. "When the earnings went down, the lifestyle didn't."
But with the label bleeding money and readying to lay off 350 workers, the family has made concessions. Last year they sold their Lake Como estate, which is said to have devastated Donatella.
Jacked from The Cut
3 comments:
hopefully she'll start by cutting back on the plastic surgery. or at least spring for the good plastic surgery.
She is hella ugly
she looks like a frog
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