Languages
Page last updated at 16:52 GMT, Thursday, 6 May 2010 17:52 UK

Versace wins $20m compensation

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

Italian fashion house Versace has been awarded $20m (£13.4m) in damages by a court in the US city of Los Angeles for wilful counterfeiting.

Following a complaint from Versace, police charged 110 people in southern California and Arizona in 2003 for selling fake Versace goods.

The award is the highest ever given to an Italian company defending its brand, Versace says.

More than 70 retail shops were seized during the case.

"We have won a historic judgement," Versace's chief executive, Gian Giacomo Ferraris, was quoted as saying by the AFP news agency.

The effects of the ruling would benefit all of the luxury Italian brands, he added.

Versace had revenues of $359.6m (£241m) in 2009, according to Reuters.

But the company cut a quarter of its workforce last year, blaming a slump in demand for luxury goods and designer items.

The brother of the late Gianni Versace, Santo Versace was a key witness in the case, Reuters adds.



Print Sponsor


SEE ALSO
Versace to cut 350 jobs worldwide
28 Oct 09 |  Business


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific