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Italian design house Versace - whose 20-year-old half-owner is battling anorexia - swung to a net profit of €19.1 million ($35.7 million) in 2006 and said yesterday it would open more stores in Asia this year.
But the company won't decide whether to sell shares until the end of 2008 at the earliest, chief executive Giancarlo Di Risio said.
The fashion house is owned by Donatella Versace, her brother Santo and her daughter Allegra.
Allegra, a student at Brown University in Rhode Island, is suffering from anorexia, her mother Donatella and father Paul Beck said on Wednesday, in response to press reports over her health.
Donatella took on the role of designer after her brother Gianni, who founded the company, was murdered in 1997 outside his Miami Beach mansion by serial killer Andrew Cunanan.
Versace has increasingly moved away from flamboyant fashion to aim for the luxury market and now designs jet and yacht interiors as well as womenswear and menswear collections.
It said 2006 sales slipped to €288 million from €306 million as it ended some licensing deals, but that still beat its expectations of €276 million.
Di Risio said the company would focus on Asia and planned to open 10 boutiques there this year - nine in China, where it already has five outlets, and one in Taipei.
"Asia should become second place to Europe for us," Di Risio said, taking over from America. Production will stay in Italy.
Di Risio said the company would open its second hotel in 2009 in Dubai and planned to have 15 altogether over the next 15-20 years.
In 2005, the design house had a profit of €30 million due entirely to one-off items, without which it had an operating loss of €5.5 million.
Versace said accessories had exceeded its target in 2006 for 30 per cent of total sales.
- REUTERS
