Famous Italian luxury brand Versace has hired the former head of Alexander McQueen Jonathan Akeroyd as its new chief executive, replacing Gian Giacomo Ferraris.

"We are delighted to welcome Jonathan Ackeroyd as our new CEO," Donatella Versace, the brand's vice president, and artistic director, told British Vogue.

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Akeroyd will assume its position in the middle of next month.

The family-owned business Versace believes that Akeryod's expertise in the industry "will be key to advancing the next phase of Versace's development." Moreover, the former Alexander McQueen head has a proven record of establishing global namesake, boosting growth, and creating strategic development.

Akeroyd served as Alexander McQueen's CEO for over a decade. Earlier this month, the company announced that Emmanuel Gintzburger, former worldwide retail and wholesale director at Yves Saint Laurent, will be replacing Akeroyd at the British fashion house.

Meanwhile, Akeroyd has expressed appreciation, saying "It is an honor to be joining such a dynamic and innovative organisation."

Describing Versace as an "iconic lifestyle brand," Akeroyd aims to create a long-term business strategy that is in line with Versace's vision.

Akeroyd will take over from Gian Giacomo Ferraris, who played a significant role in reviving the company from bankruptcy in 2004. Details of Ferraris' departure have not been disclosed.

Donatella Versace thanked Ferraris for doing a "superb job of securing Versace's status as one of the world's leading luxury brands."

"We thank him for his efforts and wish him all the best for the future," she said.

In 2015, Versace showed "resilience in the face of a tough environment" for premium luxurious brands. The company posted positive sales results with revenues climbing to 17.5 percent to $709.5 million.

However, in an interview with Reuters last month, Ferraris said that 2016 will be a challenging year for luxury brands as it will potentially see slow sales growth because of security issues affecting Europe's tourism industry.

TagsVersace, Alexander McQueen, Jonathan Akeroyd, Donatella Versace, Emmanuel Gintzburger, Fashion