The Italian fashion and luxury group Versace announced its chief executive Giancarlo di Risio is stepping down from the post. This was decided though a mutual consent after a board meeting.

So, rumors became a reality…Gianni Versace SpA and its CEO Giancarlo Di Risio after a “mutual decision” have decided to put a halth to their long-time partnership. Though, according to Di Risio, he shall remain associated with the company which he has served since 2004, for transitional period until a suitable successor is found fit for the job.

For several past weeks, the fashion world has been experiencing rumors of such an event. It was beiing cited that the reason behind the incident is perhaps due to creative differences prevailing between Di Risio and Donatella Versace, who happen to hold a 20% stake in the firm and is supported by daughter Allegra Versace Beck, who herself inherited a 30% stake after her uncle Gianni Versace passed away in 1997.

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