Versace CEO Walks Out

Versace’s chief executive will hand in his resignation this Friday in Milan after reportedly clashing with Donatella Versace over her lavish lifestyle. Giancarlo di Risio has headed up the company since 2004, and is credited with putting its finances in order. But di Risio and Versace disagreed over cost-cutting measures, like whether or not to scale back on promotional parties, reports The New York Times. (The company denies there was disagreement.) Versace’s revenue fell 13 percent last quarter as cash-strapped consumers backed off luxury goods. The company, which is fully owned by the Versace family, hired a consulting firm to help it weather the financial crisis with a new management plan.