Versace To Cut 350 Jobs: Report

03/18/2010 05:12 am ET | Updated May 25, 2011

Versace will cut 350 jobs, or 25 percent of its workforce according to Wednesday's WWD report. The decision was made by Gian Giacomo Ferraris, CEO of Versace SpA, who hopes to reorganize the company and regain profits by 2011.

The cuts will primarily effect the Milan headquarters, the Burago factory and the ready-to-wear plant in Novara and will be in place by next March. Ferraris also wants to create a lower, competitive price point:

"We can't just offer caviar. If today's starting price for a bag is $2,900, we should also sell one for $1,700," he said.

However, he insisted he had no say in Donatella's creative process.

Read more at WWD (subscription required).

Who Is The Ultimate Game Changer In Style? VOTE NOW!

And follow HuffPost Style on Twitter and become a fan of HuffPost Style on Facebookwhile you're at it.

Suggest a correction