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>> Versace Currently on Track For Profitability by 2011
—Two months ago, Versace announced it was eliminating 26 percent of its workforce in an effort to regain profitability by 2011. Now, company CEO Gian Giacomo Ferraris says the brand is on track with its goal — boutique sales are up 10 percent since January, the Fall 2010 collection is nearly entirely pre-sold to wholesalers, and revenue is now about 10 percent of Gucci and slightly higher than Yves Saint Laurent.  And although it's been suggested that majority holder Allegra Beck Versace might sell her stake in the company, Ferraris says not so: "With this plan, there is no urgency (for any family members to sell). This plan will guarantee the cashflow to run the business without any interference." [Reuters]

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