Versace has revealed that Francesco Buccola will be coming on board as the fashion house's new chief financial officer (CFO).
He joins the company from rival Gucci, where he was finance director, and will replace Massimo Sala, who has been in the role since 2007.
Other recent appointments made include former executive at Barilla Holdings Robert Singer joining the board of directors.
The company is reducing its workforce by a quarter, after losing €400,000 (£354,800) in 2008. This year it also expects to post a pretax loss of €30 million.
In an attempt to return to profitability in 2011 the firm is carrying out other measures such as closing stores that are unprofitable and rationalising production facilities.
Despite the recent losses it thought that Versace is committed to completing its Palazzo Versace Dubai resort, which is expected to open at the end of next year or early 2011.
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