Page last updated at 22:16 GMT, Monday, 25 May 2009 23:16 UK

Versace denies boardroom dispute

Donatella Versace
Donatella Versace is the firm's chief designer and co-owner

Fashion house Versace has denied speculation that there is any dispute between chief executive Giancarlo Di Risio and designer Donatella Versace.

Its comments came following press reports that Mr Di Risio was about to depart the Italian firm following a row with co-owner Ms Versace.

Versace said in a statement that it "categorically denies the existence of friction" between the two.

Revenues at the firm fell 13.4% in the first three months of 2009.

Fashion giant

Mr Di Risio took up the top job at Versace in 2004.

Reports had said that he and Ms Versace had clashed over his opinion that the firm needed to cut costs because of the downturn in the global economy.

Ms Versace has a 20% stake in the business, which was founded by her late brother Gianni.

Versace's 2008 revenues totalled 336m euros ($470m; £296m), up 8% from 2007.

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