Versace smart again after restructuring
Wednesday 28 March 2012
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, and the success of our strategy. During 2011, we took back the Versus licence, we launched new lines of business and we invested in haute couture with Donatella's spectacular return to showing in Paris earlier this year. Additionally, we re-entered the Japanese market, which we believe is a significant opportunity for the group's brands."
The founder Gianni Versace was murdered by a serial killer in Miami Beach 15 years ago. After his death, his sister Donatella took the reins as sole creative director.
- 1 All Blacks Aaron Cruden misses New Zealand flight after drinking session, has brilliant excuse
- 2 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 3 'F*ck it, I quit': TV reporter Charlo Greene quits live on air in spectacular fashion
- 4 Alicia Keys leaks nude photo 'to create a kinder and more peaceful world'
- 5 Clothes store Joy angers mental health campaigners with Twitter exchange on bipolar disorders
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...
£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...