Italian Brand Versace To Leave Japan

Italian designer brand Gianni Versace Spa will liquidate its Japanese unit by the end of the year, according to Nikkei. Gianni Versace Japan Co. had imported Versace products and sold them in Japan mainly through directly run stores but the recent global economic downturn apparently dealt the famed fashion house a severe blow. The Italian parent has been undergoing restructuring, including a management reshuffling this summer.