The author suggest that the most bankable and recognized asset the brand still have is its Medusa logo, and I can't agree more. The logo itself from a branding point-of-view can save or kill the brand. Right now it's still heavily linked to a image of the 90s over the top crazies, but the sheer recognizability of the logo means it can be turned around, the question is how. Is it to take the essence and create a new, more subtle logo/image of Versace, or keep the snake head but use it in a fresh, new, young way that'll draw in new customers?
For starter, I see a lot of potential in the younger line, Versus, and I think the Medusa head has tremendous potential to be turned into a major accessories stable. Versace can consider injecting some youth into the logo by employing it in small sizes charm accessories to lure in the younger girls and at the same time invests in high-fashion jewelry to showcase the value and versatility of the brand, it is this line (clothes or jewelry) that'll create the desire to purchase the lesser priced but money-making items. The brand need to limit cliche usage of the logo such as on the side of sunglasses or as a belt buckle or buttons. Instead, try using just the hair of the Medusa logo and weaving it into an interesting pattern to use as the side of a pair of shades made in high-end looking plastic, or using that same pattern and make it into different sizes of tough, urban chic bracelets, particularly for the Paris and/or New York crowd.
Lastly, the brand is desperate for an it-bag, how can a brand like Versace not have an it-bag. Bags and shoes, something EVERY women can own and would still shell out the money to buy. It must be a versatile style, in tennis we love to use the term controlled aggression, and for Versace, there must be an effort of controlled super-glam. The key, I think, is for Versace to show versatility and establish itself to create desire from the top and feed that desire from the bottom. Give the young girls a habit of wanting your brand and when that generation become successful, that's when they'll return and be on the top echelon of the client list.
I was going to write a short paragraph on how to revamp the logo, but Versace is too big of a fashion legacy to not have a comeback, I can still remember as a kid how much my mom and aunt craze over Versace and those cravings can still come back, when handled in a correct manner.