MOST designer’s fashion shows are just, well, fashion shows. Not Donatella Versace’s. Hers is a big-

time event with a celebrity guest list that rivals the Oscars (Madonna, Jada Smith, Spike Lee, Sly Stallone . . . ), and Grammy-worthy musical talent (the techno-punk trio Les Rhythmes Digitales).

Oh, yeah – and her clothes are pretty darn cool as well. Wearable, too – if you’re a mannequin with a cellulite-free body like gorgeous It-model Gisele.

Versus’ fashion MO has always been sex appeal; this collection didn’t disappoint. The fabulous leather low-rider pants rode loooooow and her gold macrame bikini/skirt combo on Kate Moss couldn’t have been teenier. Even little-girl fabrics like white eyelet lace and cutesy prints couldn’t keep Donatella’s take on the halter top from being super-sexy.

She really went astray, however, with the unusually predictable, almost frumpy asymetrical-

hemmed dresses. It’s a pity: These frocks are the only things that will prove to be wearable by the rest of us.