On Tuesday, Ferraris declined to reveal his plans for the brand, but praised its international scope, well-established core values and quality. "This is a great challenge for me. I appreciate the fact that Versace has lately cleaned up its act, but I want to examine the company before I make any proposals," said Ferraris, adding that, while it isn't a public company, Versace's "board is structured to resemble one."

He said he has very high regard for Donatella Versace and her "modern and international design team." For her part, Donatella Versace said she is excited about the arrival of Ferraris after she; her brother, Santo Versace, and Allegra Beck, her daughter and majority shareholder, increasingly disagreed with Di Risio's strategy. There were widespread press reports that Di Risio and Donatella Versace battled over the executive's cost-cutting moves, although that was denied by the company. The board hired Bain & Co. to help develop a three-year plan on the brand's future direction, which some sources speculated may have irked Di Risio. Sources also said the Versaces believed Di Risio wasn't reacting quickly enough to the sea change in the luxury market since the recession began to bite hard last fall.

"I have had the chance to spend some time with [Ferraris], and he has great experience in our industry. He did a fantastic job at Jil Sander, and I am sure he will do a great job for Versace, too," Donatella Versace said.