Management changes are afoot at bankrupt luxury clothing maker IT Holding Group, after it announced the departure of its CFO and named a new COO at its Ittierre unit.

In a short statement today (22 May), the Milan based company said "the professional activity" of Alessandro Finizio, chief financial officer of the IT Holding Group, had ended.

And yesterday it said Roberto Gigli, the former COO at the Aeffe Group, had been hired as the new chief operating officer at its young lines division Ittierre SpA, which produces and distributes ready-to-wear under the VJC Versace, Versace Sport, Just Cavalli, C'N'C Costume National and Galliano brands.

Mr Gigli will report directly to the new managing director, Massimo Suppancig.

The company described his appointment as "a further and important step toward the strengthening of an internationally experienced team, which will manage the restructuring process and give the operational support to implement the development plan of the owned and licensed brands."

Ittierre went into administration in February after running out of funds to pay its licensors, with IT Holding, the owner of luxury fashion brand Gianfranco Ferre, following just weeks later.