Versace denies any friction between Donatella and Risio

London, May 26 (IANS) Italian fashion house Versace has denied news reports about any friction between its design head Donatella Versace and chief executive Giancarlo Di Risio.

Earlier there was speculation about Risio leaving the company because of a disagreement over strategy which was related to cost cutting, reports guardian.co.uk.

'With regards to the recent news items and articles that have appeared in the press, the board unanimously and categorically denies the existence of friction between the CEO and the creative director Donatella regarding the necessary policy of cutting costs,' the fashion house had said in a statement.

Owned by Donatella, her brother Santo and her daughter Allegra, the brand is popular among celebrities like Jennifer Lopez, Beyonce, Elizabeth Hurley and many more.