Roberto Cavalli Names Former Versace Head as New CEO

MILAN, Italy — Italian fashion group Roberto Cavalli said on Thursday it had named former Versace head Gian Giacomo Ferraris as its new chief executive as it seeks to relaunch under a new owner.

Ferraris, an engineer who also worked for Italian luxury groups Gucci and Prada, radically turned around Versace in his seven years at the company, increasing revenue and cutting debt and bringing it back to profit only two years after being appointed.

"The profound knowledge of the sector and the important professional experiences of Gian Giacomo Ferraris will allow Roberto Cavalli to consolidate the path of relaunch that is at the base of the company's development plans," Cavalli said in a statement.

Italian private equity Clessidra took over Cavalli in April last year and is seeking to revamp the Florentine label famous for its animal prints.

Cavalli said that Chairman Francesco Trapani would leave the company in the second half of August, following his departure from Clessidra.

Versace had replaced Ferraris at the helm of the company with Alexander McQueen's Jonathan Akeroyd in May, without giving a reason.

By Giulia Segreti; editor: Valentina Za.