Milan (Italy): The Roberto Cavalli fashion house announced Wednesday it is cutting 200 out of 672 jobs globally, closing some stores and its Milan offices and relocating to a manufacturing district near Florence.
"The fashion industry is going through hard times due to a significant contraction of consumption in various key markets," said chief executive Giacomo Ferraris, who was appointed last July.
"Only iconic brands with a coherent business model and efficient organisation can survive."
The firm unveiled its plans after announcing creative director Peter Dundas was leaving after three seasons.
Norwegian-born Dundas faced a tough challenge: reviving a brand considered past its prime while preserving its iconic features after founder Roberto Cavalli sold a majority stake to private equity fund Clessidra in April last year.
"The brand's stylistic team will continue designing collections during this time of transition and transformation," said Ferraris.
"We will name a new creative director in due time," he added.
Cavalli, 75, still holds a 10 percent stake in the company and remains a consultant.
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Updated Date: Oct 13, 2016 08:27:30 IST