Versace is a brand which is known for it's uber glamourous ready-to-wear designs and has gained a strong following for its show-stopping, eye-catching and sometimes over the top 'recession-proof' evening gowns. So imagine our surprise when we heard that the label will be axing around 350 jobs, which make up approximately 26 percent of its worldwide workforce, in addition to closing down any underperforming stores such as stores in Japan. Drastic, huh? Well it seems that the current economic climate is to blame for these far-reaching changes, which is said to be having adverse effects on the luxury goods industry as a whole, to the extent that the likes of Oscar de la Renta, Chloe and Givenchy have lowered their prices in a bid to lure shoppers back into their stores.
