China Fashion Show A First For Versace

Italian luxury fashion house Versace held its first fashion show in China near Beijing Tiananmen Square on Friday, raising more than $100,000 for charity.

A host of celebrities including Hollywood action star Jet Li attended the event which was held in the prestigious Legation Quarter home to the former U.S. Embassy in Imperial China.

The show was held together with a charity auction with Jet Li's One Foundation to raise funds for victims of the devastating earthquake in May which took place in China's Sichuan province.

Despite a looming global recession, Versace says it is optimistic that sales will continue to be strong and believes that demand for luxury brands Asia will help it ride out the financial storm.

Versace is investing $56.5 million to strengthen its presence in Asia and is opening 11 new stores this year - nine in Hong Kong, Macau, Taiwan and China, and two in Europe, including a home furnishings store in Milan.

Using only Chinese models on a circular runway which is a replica to the one it has in Milan, Versace unveiled its 2009 Spring/Summer collection to over 900 of Asia's celebrities, socialites and officials.