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Versace chief quits after four months

THE chief executive of Versace, the debt-laden fashion empire famed for dressing A-list Hollywood celebrities, quit today amid rumours of a bust-up with owners Donatella and Santo Versace.

News of Fabio Massimo Cacciatore's departure less than four months into the job heightened speculation that former Gucci star duo Tom Ford and Domenico de Sole will take over at the lossmaking Italian designer.

Finance officer Daniele Ballestrazzi will become interim chief executive of the business, which is more than e100m (£70m) in debt.

Cacciatore had been trying to implement a cost-cutting drive that is thought to have created tensions with the brother-and-sister owners.

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Cost-cutting
Gucci
Italy
Tom Ford