Versace profits are in fashion

 

Italian designer Versace fashioned a 27.6 per cent jump in net profit to €10.9 million last year and sales jumped 17.2 per cent to €479.2m.

The brand, which recently sold a 20 per cent stake to US private equity firm Blackstone for €210 million, said that 2014 had also started well with sales up double digit so far this year. The brand had struggled after the murder of Gianni Versace in 1997. But chief executive Gian Giacomo Ferraris joined in 2009 and by 2011 had begun to turn the business around.

Mr Ferraris, chief executive officer, said: “We have delivered a solid top and bottom line performance for the fourth consecutive year. We have started 2014 with great momentum and look forward to yet another positive result.”

The group said its main line collection accounts for 60 per cent of total sales, while fragrances and watches sales grew by 24 and 16 per cent respectively.

The fashion house also said it spent €24m during the year on opening shops and improving its website.

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