Italian luxury fashion brand Versace has appointed Gian Giacomo Ferraris as its new chief executive after the resignation of Giancarlo Di Risio last week.

Ferraris was formerly boss of German design house Jil Sander, which he has run since 2004.

He has more than 20 years’ experience in luxury goods brands, including heading up Gucci’s ready-to-wear division.

Versace said the appointment “represents determination… to continue to guarantee a strong competent and united managerial leadership”.

In April the fashion brand suffered a 32 per cent decline in annual profits due to the “extraordinary” costs of revamping old stores, as well as opening new ones.