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Versace fashions itself a new black

Gianni Versace SpA, after three years of losses, returned to a profit for 2011 and predicted three years of strong sales growth, a sign that the health of the luxury-goods industry is rippling through one of the fashion houses hardest hit by the economic crisis.

The family-owned Italian label on Tuesday posted a profit of EUR8.5 million (USD11.4m), compared with a EUR21.7m loss the year before. Sales jumped 16 percent to EUR340m from EUR292m a year earlier. The unlisted company belongs to the family of founder Gianni Versace, who was murdered in Miami in 1997.

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(Source: The Wall Street Journal Online)