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The world that was Versace
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July 15, 1997: 8:26 p.m. ET
Fashion industry stunned
From Correspondent Beverly Schuch
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NEW YORK (CNNfn) - Italian designer Gianni Versace was shot to death Tuesday morning outside his home in Miami Beach. His death leaves a void in the fashion world.
The House of Versace is one of the biggest fashion businesses in the world, with annual revenues estimated at $2 billion. By every indication, the business was peaking, with talk of an imminent public stock offering.
Versace's fashions first appeared on runways in 1978 with his signature collection. He gained fame in the 1980's with outrageous and colorful designs worn by rock singers and Hollywood stars.(QuickTime Movie 1.7M)
Versace's success blossomed as he became Italy's leading ready-to-wear designer, but he kept the company in the hands of a few trusted family members.
"As a family I think they were definitely focusing on how involved everyone is in the business, and Mr. Versace wanted everyone else to get some claim on what he has created here," said Tom Julian, a menswear expert.
Many analysts say the House of Versace can survive Gianni's death. Gucci, for example, has survived the shooting death two years ago of Maurizio Gucci, and Perry Ellis continues to thrive years after its namesake died of AIDS.
Versace recently recovered from a rare cancer of the inner ear and was considered at his peak by the fashion industry. The company was scheduled to go public in Milan next spring, with a future Wall Street offering a distinct possibility.
"He had miles to go as far as additional revenue that would be generated. He was the next big candidate as far as an IPO, as far as Wall Street was concerned," said Alan Millstein, editor and publisher of Fashion Network Inc.
Versace wasn't just a symbol of Italian fashion -- he was an inspiration to a generation of designers the world over.
"I want to thank him for being such a kind influence to me personally," said fashion designer Todd Oldham. "There's a lot to learn from someone who celebrates life in that bigness."
Gianni Versace was 50 years old. 
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