Guiseppe Tassi was immediately stood down by QS Quotidiano Sportivo publisher Andrew Riffesr Monti.
The headline created uproar on social media with people tweeting they felt "ashamed to be Italian".
Athletes Guendalina Sartori, Lucilla Boari and Claudia Mandia had narrowly missed out on a bronze medal at the Rio Olympics in Brazil on Monday.
Mario Scarzella, the President of the Italian Archery Federation, reportedly wrote a message addressed to Tassi saying: “after a night spent crying about the result, this morning, instead of waking up to the support of the Italian press, the girls had to suffer this humiliation,” as quoted by the Italian Insider.
President of Italy’s lower house of parliament, Laura Boldrini condemned the article on her Twitter account.
“Enough sexism, it’s 2016.” she wrote.
In a statement, Riffesr Monti apologised to the Olympic archers and to the readers of QS Quotidiano Sportivo for the headline.