Versace slips into red, posts annual loss of 7.4 million euros

Despite a 3.7 percent rise in annual revenues, Italian luxury fashion firm Versace, closed the year with EBITDA margins shrinking to 6.6 percent from 12.5 percent in 2015 and a consolidated loss of 7.4 million euro (8.3 million dollars), against profit of 15.3 million euros (17.3 million dollars) last year, reports Radiocor.