Things are certainly going well for Mick Jagger's model daughter Georgia May Jagger as we first predicted back in the summer of 2008. Of course with a Rolling Stone for a dad and Jerry Hall for a mom what else would one expect for the 17-year-old stunner? In September we noted she had landed a sexy new ad campaign for Hudson Jeans; now she has made the cover of British Vogue and been named the new face of Versace. Jagger has just been photographed for the ad campaign by Mario Testino. "She's smart, beautiful, full of energy and has a strong personality [with] that natural high star quality. I adore her," Donatella Versace told WWD. "She's perfect for this collection - a real Versace girl."

Versace has been a brand in transition for a while now but new CEO Gian Giacomo Ferraris has been shaking things up lately. His latest move is an announcement that the Italian fashion house will lose 350 jobs worldwide by the middle of next year as part of a cost-cutting initiative that also includes a thorough evaluation of Versace's store network. The brand recently decided to close stores in Japan, formerly one of the biggest luxury goods markets.

The Wall Street Journal reports that the company is expected to post a pre-tax loss of €30 million ($44.4 million) on revenue of €273 million. This is a sharp contrast to 2008 when Versace posted a net profit of €9 million on sales of €336 million. Part of the decline is due to a fall in sales in the company's wholesale business and the financial collapse of IT Holding SpA, which produced clothing for Versace under brand licensing agreements. Versace re-launched the secondary line Versus at Milan Fashion week earlier this month.The brand will move forward with new runway designs and will instead focus its fat trimming in the areas of production, distribution and logistics. That's good news for Donatella Versace, the brand's designer who also holds a 20 percent stake in the company. Her daughter Allegra Versace Beck has a 50 percent stake bequeathed to her by her late uncle Gianni Versace and her other uncle Santo Versace has the remaining 30 percent of the company. Ferraris came aboard this spring after Donatella Versace's repeated battles with Giancarlo Di Risio.

Japanese fashion designer Yohji Yamamoto recently presented his black, white and edgy designs at Spring-Summer 2010 fashion week in Paris but things weren't so rosy behind the scenes. The brand has filed for bankruptcy protection listing debts of six billion yen, or $67.8 million. The firm is planning to continue to operate while in bankruptcy. The brand Yohji Yamamoto was formed by the designer in 1984 and he is part of an influential group of designers from Japan, including Rei Kawakubo and Issey Miyake, who gained influence in the 1980s. The brand's moderately priced Y-3 line with Adidas is set to continue.

The economy is being blamed for the financial situation. Japan's luxury market appears to be less robust lately, especially in light of the recent announcement by Versace that it is closing its Japan boutiques. But Yamamoto's popularity extends beyond Japan. The minimalist line, which offers easy-to-wear clothing with unique cuts, has a small but devoted following. Other nIche brands like Escada and Christian Lacroix has faced similar financial woes. As in other industries smaller fashion businesses often don't have the resources or name recognition to compete once overall spending goes down. Another determining factor for many of the smaller brands has also been the decrease in orders from department stores. As stores and boutiques trim their orders many of the less well-known brands are being left behind.

UPDATE:Yohji Yamamoto Inc. has found a new investor. Integral Corp., a Japanese private equity fund, will finance the company's restructure. WWD says that pending court approval, Integral plans to create a separate company to acquire the Yamamoto business and assets which will become the new Yohji Yamamoto Inc. with Yamamoto himself retaining a minority stake.

Is Japan losing its luxury appeal? Last year LVMH scrapped plans for a new Vuitton flagship store in Tokyo's Ginza shopping district and now Versace is pulling out completely. Bloomberg reports that Gianni Versace SpA will close its Japanese stores as part of an overall review of the company business strategy. A statement from the company said in part that the Versace boutiques in Japan " no longer represented the brand image and it was felt to be more advantageous for the company to close them and start with a clean slate." The fashion company has three stores in Japan, one in Osaka, one in Tokyo and one in Chiba according to the Versace website.Overall Japan's market for imported luxury goods has been shrinking in recent years.

Earlier this year I asked the team at Luxist Japan about the new Japanese attitude toward luxury. They reported that many of the more mass-marketed luxury brands are no longer faring as well with Japanese consumers. Like American consumers the Japanese are becoming adept at high-low dressing and are more interested in creating their own mix and match outfits without relying on copying what they see in store windows. Japan's luxury goods decrease may not represent as much of an overall disinterest in luxury goods as much as it does a less ambitious attitude toward overt logo chasing.

[Thanks, Lori!]

Designers are in the midst of a heated argument at Milan fashion week-whether one should dress for sex or dress for abstinence in a global recession. Seems a fitting debate in a country where the famously womanizing Italian Prime Minister Silvio Berlusconi and Pope Benedict XVI are its two most powerful leaders

On the celibate team sits Miuccia Prada, who practices restraint on a regular basis (well, by Italian standards). She further reigned in her collection (well, by Prada standards) to include charcoal knee-length walking shorts, Fifties-style swimwear and demure day dresses. The ever quirky Marni showed knee-length shorts and paired them with thick-strapped shoes with thick soles worn with beige ankle socks (I can hear my boyfriend's protests now). Roberto Cavalli went AWOL from his I'm-too-sexy position in the marketplace, putting out modest peasant dresses with hems stopping mid-calf.

Then again, sex sells. Versace stayed true to form. Sex, sex and more sex with Donatella's brand of cigarettes afterward, thank you. Slits cut up to there. Necklines cut down to there. Cut-outs revealing erogenous zones. Towering stilettos. Short, short, short. (Definitely more my boyfriend's speed, I'm guessing.)

This would barely be a remarkable watch if it was not for its peculiar shape, which is just that... peculiar. I think the wedge at 3 o'clock is Versace putting the "V" in the watch, but it looks like the crown is pinching the dial. It does however make for a nice framework to place the pushers as they slightly fan out in orientation. I'd have to wear this around for a bit to determine how much I loved it - or hated it. Though I could see possibly getting into it as it is a watch between fashion style and classic looks. Anyhow, this is the V-Master watch from Versace due out soon. The watch houses an automatic Valjoux 7751 movement that packs a lot of complications including the time with subsidiary seconds, synchronized 24 hour hand, calendar with day, date, and month, as well as a moon phase indicator. Oh, and it also has a 12 hour chronograph. I like the guilloche engraved dial, as well as the applied gold hour marker. Blued hands make total sense, and the subdials have little frames on them that go well with the "we put a lot of effort into this watch look." The case is in steel, and the strap is black alligator.

The Versace V-Master is a nice watch, but is it a Versace? It doesn't look like other Versace watches - so I think it will be hit and miss as many people who get Versace items want that "Versace look." If you like the quirky but highly styled timepiece, then you know what to do next. It should be out relatively soon.

Ariel Adams publishes the luxury watch review site aBlogtoRead.com.

So much for the show of unity at Versace. the Wall Street Journal and other sources are reporting that CEO Giancarlo Di Risio has resigned. Over Memorial Day weekend it was believed that Di Risio would be fired after months of pitched battle with Donatella Versace but those reports were summarily denied. Turns out there was quite a bit of truth to it. The company now reports that Di Risio's resignation was a mutual decision. Di Risio, who has also worked for LVMH and probably won't be eager to sign on for a family-run business again any time soon, will stay on for a while as the company searches for a new CEO. One name that keeps floating to the top is former Pringle of Scotland's chief executive, Kim Winser. Winser once described herself as a "tough cookie with chocolate bits in it" and she's going to need that toughness to hold her own in the Versace empire.

This 'Estelle' leather satchel by Versace is so cute and so sleek at the same time -- I didn't even know that was really possible until now. It must be the combination of slick black leather and ruched poofiness that does it for me, plus of course it has silver hardware (always my preference over gold) and contrast stitching for even more personality. Two exterior side pockets and the big Medusa emblem on the front make the whole silhouette a little reminiscent of a woman's cinched in waist and big hips. Or maybe that's just me. $2,645

The news may be slow in the U.S. this weekend but things are heating up in Milan. Bloomberg reports that Gianni Versace SpA's board is meeting to discuss the fate of Chief Executive Officer Giancarlo di Risio. Seems that the CEO ran afoul of La Donatella in a battle over creative control. What's really interesting is that the fight is reportedly over several issues including the fact that he wanted to license a cheaper line designed by someone else.

Giancarlo di Risio first hit our radar in January this year when he said that Versace would not be marking down products in the economic downturn. But then in February Versace announced it was reviving its second line Versus. The bridge line was originally created by Gianni Versace in 1989 as a project for his sister Donatella. Versace signed a deal with Italian company Gruppo Facchini to create clothing and accessories lines for men and women for the new line planned for Spring/Summer 2010. For his part, di Risio wasn't happy that Donatella Versace continues to use long-time Versace photographer Mario Testino for the brand's ad campaign. Testino gets a cool $140,000 a day.

Versace has thrived under di Risio who worked with Donatella to create a more elegant version of Versace that appeals to the luxury consumer. But in the end it's still a family brand (Donatella owns 20 percent, her brother Santo has 30 percent and her daughter Allegra inherited Gianni Versace's stake of 50 percent). Di Risio, a serial CEO of Italian clothing companies will likely have no trouble finding a new gig.

Who might replace di Risio? The Telegraph says that one possible option is Kim Winser, who was behind the resurgence of Scottish brand Pringle and recently resigned from Aquascutum.

UPDATE: Versace has denied any friction between Donatella and Giancarlo di Risio and released their new three-year plan.

This is the first Versace watch that would be suitable as a daily wear for me. The design theme is somewhere between the Chanel J12 and the Hermes Clipper line. The black colored watch is mostly steel (possibly some titanium), with a case design that has enough character to make it unique - even though it has a familiar presence. The thick polished bezel with is tachymetre scale is well done, and almost looks like it should be a rotating timer bezel, though it is not. The black on black dial is contrasted with some polished steel to help it be readable, but the look is strong and serious - something Versace isn't always known for. Interestingly enough, the Medusa head is absent from this men's timepiece from Versace who typically always places it somewhere on their watches. Then again, I haven't seen the case-back of this model.

Versace insists that the DV One watch is more than just show. The sporty chronograph watch has a Chronometer certified (COSC) automatic movement inside, with a solid design and character. Precious few details on this timepiece exist, but it is part of an overall larger line of more serious luxury watches from Versace that will arrive soon later this year. Price is sure to be $5000 plus.

Ariel Adams publishes the popular watch review site aBlogtoRead.com.

Versace watches are made by the Timex Group under a licensing agreement. Thus, Timex is responsible for making interesting watches on par with the Versace image. That hasn't quite always worked out, but at the least most of their watches do bear the emblematic Versace medusa head. The newest watch out of the Versace watch line is the Eon, for women. The imagery is appealing, but what is the point? Laying flat on your wrist is the outer ring and watch face supposed to spin? It occurs to me that this watch is likely more fun to play with off, rather than on, one's wrist.

Aside from this mystery the double case look is interesting, reminding me of a globe of sorts. Materials used are rose gold plated stainless steel lined with diamonds on the bezel as well as used on the four present hour markers. The rear of the watch is supposed to hold the Versace medusa head, while the typical Roman architecture inspirted geometric patterns are engraved on the sides of the outer ring. The watch is attached to a satin strap and has a matching buterfly clasp. Inside will be a quartz movement. I expect price to hover around $3,000 if my senses are correct.

Ariel Adams publishes the watch reivew site aBlogtoRead.com.

Strappy, structured, and neutral, the Metallic Soft Madonna Boston Bag is one of those great-for-everyday bags. By Versace, it's made up of woven metallic grained leather with a quilted signature Greek key pattern. Bands with gold buckle hardware criss cross in every direction, accented by rolled leather handles, protective feet on the bottom, and zipper closure on the top. The interior is lined in satin and has a zip pocket. Logos are subtle but everywhere (on the front buckle and zipper pulls) so there will be no confusion as to your designer style. $4,395

Back in January, Versace CEO Giancarlo Di Risio emphatically stated that Versace would not be dropping prices in response to economic pressure. It seems now that he has found another method of courting the consumer with less to spend. Versace is relaunching its second line Versus. The bridge line was originally created by Gianni Versace in 1989 as a project for his sister Donatella.

Versace has signed a deal with Italian company Gruppo Facchini to create clothing and accessories lines for men and women which will be ready for Spring/Summer 2010. A new company, VSV, will be created and Gruppo Facchini's Mathias Facchini will be chief executive. The company predicts turnover of more than 700 million euros in the first five years. The Versus line offers luxury that Di Risio told Reuters is more "aspirational, more accessible."

Versus will open 20 boutiques by 2011. Fashion Week Daily reports that a preview of the line is scheduled for March 1 in Milan.

On March 18 Sotheby's in London will auction off $3 million-plus worth of paintings, furniture and works of art from late designer Gianni Versace's amazing Villa Fontanelle on Lake Como, Italy, comprising some 550 lots. In 1977 Versace (in front of the house with his Irish Setters, above) purchased the Villa, which was built in 1776, and restored it to its former neoclassical glory. The Villa itself was sold to a Russian billionaire for $52 million last year, and the Versace family has now decided to deaccession the contents. The designer personally supervised every step of the renovation and carefully selected every item used in its furnishing and decoration, down to the spectacular mosaic floors and paneling.

Versace set out to create his own personal Arcadia at Villa Fontanelle, and spared no expense. It was said to be his favorite residence. Highlights from the sale include a pair of spectacular life-size casts of Antonio Canova's Pugilists in plaster, c.1800, which were displayed in Versace's own bedroom, estimated at about $30,000 - $60,000; an exceptional pair of Italian gilt and patinated bronze-mounted bookcases, originally commissioned by Princess Pauline Boghese for the Library at Palazzo Borghese in Rome, est. about $110,000 - $140,000; and a pair of stunning Sévres Coral-red-ground vases "Etrusques", circa 1795, est. about $11,000 - $17,000.

Among the paintings from Versace's collection on offer is the tempera on canvas Hercules at the Crossroads Between Vice and Virtue attributed to Pelagio Palagi in 1820, est. about $35,000 - $55,000, as well as a very good collection of paintings on glass, miniatures and a vast array of works of art depicting Roman emperors. "It is a great pleasure to orchestrate this one-off sale of such a maverick of style whose taste and influence is epitomized in his Villa Fontanelle collection," says Mario Tavella, Sotheby's European Deputy Chairman responsible for Single-Owner Collections. "This is the last opportunity to enter into Gianni's world and buy something from a collection that is representative of his legacy."

[via JustLuxe]

Brad Pitt and Angelina Jolie didn't win any little statues at the Golden Globes Sunday night, but they definitely defended their title as the world's most stylish couple. While Angelina eschewed glitz in an elegant and simple frock from Atelier Versace, Brad continued his trend of wearing Tom Ford's finest when the occasion calls for black tie. He wore a black wool Windsor model peak lapel tuxedo, white pique front evening shirt, diamond and white gold shirt studs and cufflinks, black grosgrain bowtie, silk pocket square, black patent leather shoes and a pair of aviator shades all from Ford's menswear collection - and, for those of you who followed the cummerbund debate in this week's Classicist column, Brad (correctly, in our opinion) wore one of those as well, made of black grosgrain silk to match his bowtie.