Versace back in the black... and in vogue again

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The Independent Online

Versace, the Italian fashion house, is back in vogue and back in the black after a three-year restructure.

The business, which returned to the Paris couture schedule this year after an eight-year absence, has revealed net profits of €8.5m (£7.1m) for 2011 against a loss of €21.7m in 2010.

Gian Giacomo Ferraris, the chief executive, instigated cost-cutting and a restructure when he joined in 2009, and slashed its €80m debts. Revenues jumped 16.4 per cent to €340.2m in 2011, from €292.3m in the previous year, and underlying earnings shot up 73 per cent to €38.7m.

Mr Ferraris said: "These results confirm the global appeal of the Versace brand."