The tale of Medusa is one that serves as a warning against lust and vanity. After seducing Poseidon (God of the sea, earthquakes, soil, storms, and horses), Medusa was punished by Athena and made to be so hideous that merely looking at her would turn men into stone.
Gianni Versace said that he chose Medusa specifically because of the way that she made people fall hopelessly in love with her with no chance of ever going back, and he hoped that his company would have the same effect on the people who purchased Versace products.