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Versace family will not sell shares

The Versace label is on track to be profitable once more and there will be no sale of its shares by family members, according to chief executive Gian Giacomo Ferraris.

Ferraris told Reuters that the year had started positively for the Italian fashion brand and that he expected sales to rise between 7% and 10% during 2010.

The brand was hit during the downturn and laid off a quarter of its global workforce last year, closing its Japanese operation and an accessories factory in Northern Italy.

Ferraris said that Versace had pre-sold nearly all of its autumn ranges to wholesalers.

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