New Face Of Versace

Allegra Beck, the teenage daughter of Donatella Versace, has taken control of the fashion house after inheriting 50% of the family business from her late uncle.In his will, Gianni Versace left his niece the controlling share of the USD140million company when she turned 18.

Dubbed as Giannia "little princess," Beck celebrated the event at a Milan nightclub and was seen earlier in the day attending the menswear shows with her mother. Her uncle, Santo Versace, 59, holds 30% and her mother and designer owns the remaining 20 per cent. The company declined to comment on Allegra's intentions. But she is currently studying in the US and has said she would like to pursue a career in acting.

She takes control, in name at least, as the house is tightening its operations to prepare for new investment. After struggling financially following Gianni Versace's murder in 1997, Santo has described it as "seven years of woes", and blamed a tough global climate for luxury goods. But even before Gianni's murder the label was battling with debt problems, partly due to Gianni's extravagant lifestyle.

The company's interim chief executive, Daniele Ballestrazzi, said in March the firm had appointed Credit Suisse First Boston to find a minority investor and take the company public. Santo Versace told the Italian newspaper Corriere della Sera that the company would be willing to sell as much as 25% to a fund. Versace shareholders will meet on Monday to approve its 2003 accounts and unconfirmed Italian press reports say its net loss will widen to 40 million euros.

But such things probably seemed trivial to Allegra as she celebrated her birthday at a nightclub in Milan with 100 of her friends and a performance by hip-hop artist Pharrell Williams. The company is also negotiating to open more hotels such as the six-star Palazzo Versace on the Gold Coast.