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Versace Aims for Profitability in 2011 with Job Cuts, Lower-Priced Line

>> Donatella Versace presented her latest Atelier Versace collection during Paris couture this week, all red carpet-ready gowns adorned with "chunks of Swarovski crystal, swags of fine silvery chains, and hologram discs to give a Paco Rabanne-esque edge," as Hamish Bowles reported.  But the behind-the-scenes situation at the company isn't quite as glamorous.

Versace just announced that it will eliminate 350 of its 1,360 jobs, representing 26 percent of its workforce, worldwide starting in March and ending in June — part of a plan to return to profitability in 2011.

Donatella is also launching a new collection — Versace Collection — under her creative direction, which will be priced 30 to 40 percent below the house's signature collection.  The Fall entree abides by the Versace codes of color, sexiness, prints, and glamour and includes 230 pieces, among them egg-shaped coats in oatmeal, cocktail dresses with lace and tulle insets, and degrade fitted jackets.

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