In the Sunday Review of the Independent on Sunday of 23 October we published an article by Fiammetta Rocco entitled "Gianni in Wonderland" about the Versace group of companies and Mr Gianni Versace, Mr Santo Versace and Ms Donatella Versace. The article contained a number of false statements about the Versace companies and family. The suggestion that the Versace companies suppressed certain required accounting and business information is untrue. This information is routinely made publicly available by the Versace companies and we accept that the Versace companies comply fully withall legal requirements for corporate disclosure. The claims that inflated payments were made to departing shareholders and employees, that the Versace store in London is not operating profitably and is merely a front and that the Versaces cannot supporttheir business and lifestyle by legitimate means are also unfounded.
The Independent on Sunday and Fiammetta Rocco withdraw these allegations unequivocally and also any suggestion in the article that the Versace companies or family operate in a corrupt manner.
We have agreed to pay Versace substantial damages in compensation for the damage caused by the article together with all their legal costs. We apologise unreservedly to the Versace family and the Versace group of companies for the distress and embarrassment which the article has caused them.