Donatella Versace is to step down as the main designer for the Versace brand after almost three decades, a move that has fanned talks of a sale of the business to rival Italian fashion house Prada.
An acquisition of Versace by Italian luxury group Prada, opens new tab would create a company with a broader base that is more resistant to business cycles, but reviving the targeted brand could take years and hit short-term profits.
An Italian court has lifted the special administration imposed on a unit of the Armani fashion group over concerns regarding the labour practices of its Chinese-owned subcontractors. The court ruled that the company had taken all necessary corrective measures.
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