Milano, 06 July 2004

Banca Intesa S.p.A. and Gianni Versace S.p.A. announce the completion and underwriting of the restructuring of Versace Group’s financial debt.

According to the financing agreements underwritten on June 24, 2004, Banca Intesa, in its role as sole Arranger and Underwriter of the refinancing deal, has made available to Versace Group three financing facilities for an aggregate amount of Euro 120 million.

The Versace Group will apply such amount to reimburse the Euro 100 million Eurobond maturing on July 6, 2004 issued in 1999 by the subsidiary Gianni Versace International N.V. and for general purpose financing of   Versace Group’s working capital needs.

On July 2, 2004, the Versace Group called the first draw down of the facilities made available by Banca Intesa, for an aggregate amount of Euro 100 million, to be used exclusively   for the reimbursement of the Eurobond expiring on July 6.

The refinancing deal is articulated in three specific financial facilities, characterised by different profiles of duration, adherent and functional to Versace Group’s turnaround strategy.