The luxury goods industry is increasingly looking like the worst hit market as the onslaught of the recession continues. Some brands however are proving to be more fortunate than others given that they are owned by larger parent companies with several strings to their bows - case in point, LVHM (owner of Moet and Chandon, amongst other products).
Versace however, as an independently owned label is not in the same boat and has had to take serious measures to fend for itself. Having announced that it was to axe around 350 jobs worlwide, taken on a new CEO, closed down under-performing stores and signed Georgia May Jagger as the new face of the brand, it's clear that this is one brand that refuses to go down without a fight.
Donatella admitted in an interview with the Times that if she could bounce back from a cocaine addiction, which saw her admitted into rehab following an intervention from close friends including Elton John, then she can definitely get through this too. She spoke about how she still went to work despite her love of cocaine, saying "If my problem was as big as everyone says, how did I run this company and create all these collections?" Well given the highly addictive nature of the drug, if Ms Versace could make such a dramatic u-turn and kick the habit, then we have no doubt that she will be able to kick the recession's butt too!
