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There are many exalted distinctions Donatella Versace can lay claim to: being one of the most famous women in the world and having one of the best wardrobes, most killer bodies, most insane jewelry collections, and even the most famous friends. But "supermom" would probably not be one of them. Yet here she is, in her Hollywood home away from home, the Beverly Hills Hotel, with her 20-year-old daughter, Allegra, acting all mother-hen-like, proud as the perennial parental peacock — in skintight Versace black, of course — fluttering around Allegra (whom her late uncle, Gianni, nicknamed Little Princess) like the proud Italian mama she surprisingly actually is. Who would have thought? DV's been daring designer darling by night and undercover supermom in her corsets and satin jeans by day.

Her daughter is taking time off from Brown University to study acting, French, and art history at nearby UCLA. Brother Daniel, age 16, lives in Milan with Mom. Allegra attends classes five days a week, keeps an eye and ear on the family business, and hits the Hollywood night circuit only occasionally and with close friends — a group that does not include a high celebrity quotient, though it certainly could. On weekends, she rides her bike on Venice Beach, studies, and sees Mom on monthly visits. "Oddly enough," says the auburn-haired Allegra, in a tunic, leggings, and flats, "I've found it easier to go to school here in L.A. It's less distracting. If I'm doing something, I tend to do it in a concentrated way." Her mother even frowns on Allegra driving, so she uses a driver. "Why should she have to park?" balks Donatella. "Who wants to deal with that?"

While her mother's accent is flamboyant Italiano, Allegra's is a soft hybrid of Brit and American, and in many ways she seems her mother's diametrical opposite: shy, introverted, even a little bit hesitant. After all, Allegra knows there's much curiosity about her, the private heiress scion of a famous family.

Even those outside the industry are aware of Gianni Versace's legacy — and, no doubt, his will. When he died tragically in 1997, he left his shares in the company — a whopping 50 percent — to Allegra, the daughter of his sister and former model/current Versace executive Paul Beck. (Donatella and oldest brother Santo hold the other 50 percent.) Technically, Allegra could be considered her mother's boss. Yet, surrounded by Medusa pillows and an entourage, the 51-year-old would not appear to answer to anyone, let alone her own daughter.

"I'm the creative director," she says about the company's structure and power protocol. She's riding high after a stellar spring collection lauded by both critics and retailers. "But the future is young people. I'm so proud of Allegra because she's such a good girl, a mature girl, so together, so good at doing her job as shareholder in the company. Businesswise, she follows everything." So will a Versace-clad Allegra soon rule the boardroom?

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"I don't know what I'm going to do yet," Allegra offers. "I know I'm going to do something creative, but I'm also studying business." She's keeping her options open, but for now she prefers to stay out of the limelight that floods her mother. "I have tried to protect my children from the spotlight," says Donatella. "Until Allegra was 18, particularly. Then — and now — she's not the kind of person to show off. She could be showing up in the newspaper as much as she wants. But she wants to be her own person, not 'daughter of' or 'niece of.' It's hard to grow up the way I grew up, in the public eye. It's a big family name to compete with."

Big name indeed. During Allegra's nine years studying ballet, Gianni secured a birthday dance for his niece with ballet superstar Maurice Béjart.

"I don't tell many people my last name," admits Allegra, a dual citizen of Italy and the U.S. "I go by Beck more than Versace." She also shies away from her mother's famous pals. "It's not like I want my mom's friends to take care of me!"

Though business is a perennial topic, it's certainly not the only subject during their daily chats."Makeup, outfits Allegra adores!" says Donatella, beaming. "She grew up with discussions of fashion and style. When she was little, it was all she heard me and Gianni talk about."

Now Allegra frequently conducts her shopping in her mother's gargantuan Milan closet. "She'll say, 'You can't take that,'" notes Allegra. "Then she'll make it for me." "I have created a monster!" moans Donatella. "But I cannot blame Allegra for caring about clothes. Look who her example was. She was the best-dressed little girl in Milan."

"My mom dressed me in silk to go to elementary school," recalls Allegra. "In kindergarten, they sent me home because I couldn't do finger painting in my dress."

The first thing they do on Donatella's visits: shop. "Allegra has a good eye for vintage," says Donatella, who caved and bought Allegra a handbag once owned by Audrey Hepburn. While Mom is no vintage lover — "just Alaïa and Norma Kamali" — she will indulge Allegra's love of hunting down anything Victorian or from the '60s. "My mother will see it," she says, "and say, 'Make that more modern.'"

So where do these diverging tastes overlap? At dinners at hip L.A. sushi place Matsuhisa and "Amoeba records," Donatella says. Mom favors metal, Allegra mellower fare, but their preferences intersect in a few places, including, both shout, "Madonna!"

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Allegra met the pop legend the way she meets most celebs: seated by her side at a Versace fashion show. "Madonna's been so nice to me, I don't feel intimidated by her anymore," whispers Allegra. "But it's easy to be scared of her." "She's such a wonderful woman," adds Donatella. "She just doesn't show her vulnerable side to too many. She can't. But she's the most loyal friend I have."

If anyone understands not being able to show a softer side, it's Donatella. "Right away after Gianni died, I wanted to follow my own instincts but wasn't confident enough. I created this tough image, but inside I was so vulnerable! You cannot show your pain in public. If I were to lose it, everyone else around me would lose it, too."

It's unthinkable to imagine this woman, lionesslike on the couch, as insecure. Her demeanor is sheer unbridled — well, what's Italian for chutzpah?

"Maybe now!" she laughs, lighting up another smoke, possibly her last real vice since rehab for cocaine addiction in 2004. "Look, my family was a matriarchal Italian family. My mother raised me to only depend on myself." The one thing about Donatella Versace that's not controlled these days is smoking. "I have to see movies first to scout them for her," giggles Allegra. "She hates to sit still for two hours without smoking." The only other place where DV can't smoke is the gym. "And I work hard not to do that!" she says, laughing.

But if a stranger entered the room, could he or she tell this was mother and daughter? Donatella is sexy Versace vamp in tight pants and heels, while Allegra is more subdued. "A lot of people would say sexy is about the body," Allegra says. "But to me, sexy is a woman with confidence. I admire women who have very little fear."

Their social lives also diverge. "Hollywood is not really my world," the younger Versace says quietly. "She gets invited to every Hollywood party," adds her mother. "It would be easy for her to go. But she's not a party girl." Though Donatella is no wallflower, life is not just one big party. "Let's get this clear: I work! People might think I have great parties — and I do — but I have a job!"

"Sometimes my mother looks at Daniel and me," Allegra continues, "and she says, 'How could I have two children so different from me?'"

"Yes," says her mother with a smile, ever knowing. "But we're getting less different all the time."