Versace moves into profit for 2011

Versace returned to profit for the 2011 financial year, reporting earnings of €8.5 million following a €21.7m loss in 2010.

The Italian fashion house's revenues surged 16.4% to €340.2m, compared to €292.3m the previous year.

Although the company is believed to have earned significant income from its swift-selling H&M collaboration, CEO Gian Giacomo Ferraris didn’t credit any high-street boost in his analysis of the brand’s success.

'I am really satisfied with the work done and our strategy,' Ferraris told WWD. ‘These results confirm the strong appeal of the brand globally, its values and excellent design, a strong brand management and impeccable execution.'

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Looking ahead, the company plans to introduce ecommerce through its website in select territories, open Versus stores in London and Vienna and several new mainline stores worldwide, and ‘strengthen the home division,’ Ferraris said. He expects the company to experience double-digit sales growth for the next three years.

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