Versace may get new investor by Christmas

29 Nov '13
2 min read

Italian fashion house Versace, known under trade name Gianni Versace SpA, may get a new investor by Christmas, Reuters reported quoting the company’s chairman Santo Versace. 
The luxury apparel group is planning to sell a share of around 20 percent, followed by a possible market listing in three to five years, according to the report.
A first step has been taken and the new investor is likely to arrive by Christmas, but there would be no change even if the investor gets on board by January 15, Mr. Versace said.
The Italian fashion label plans to invest the amount, raised by selling the stake, in opening new stores to benefit from the growing demand for luxury clothing and accessories in emerging markets.
The company is currently valued at above €1 billion and the best thing to do at present is to boost its growth, considering that the value may triple in three years time, Mr. Versace said.
Versace was set up by fashion designer Gianni Versace in 1978. The company designs, markets and distributes high-end luxury apparel and home furnishings.
The firm is entirely controlled by the Versace family, with Mr. Santo Versace holding a 30 percent stake. His sister Donatella and her daughter Allegra hold 20 percent and 50 percent share, respectively.
Mr. Santo is the brother of Gianni, who was killed in 1997.

Fibre2fashion News Desk - India

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