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Fashion Production Intern
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PR Assistant
Internship · MUMBAI
By
Reuters
Published
May 25, 2012
Reading time
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Fashion house Versace may seek outside investors

By
Reuters
Published
May 25, 2012

MILAN - Italian family-owned fashion house Versace may seek outside investors and could consider an initial public offering to fund growth and help it better compete in the global luxury industry, a top executive said on Friday.


Versace spring-summer 2012 / Photo: Versace


Versace, known for its glamorous gowns worn by pop icons such as Madonna and Lady Gaga, returned to profit last year for the first time since 2009, when it started a turnaround to rebuild its international market share.

The family has always cherished its independence, but needs financial ammunition after luxury peers such as Prada, Salvatore Ferragamo and Brunello Cucinelli have successfully tapped the stock market in less than a year.

"The management is studying some advisors, but no solution has yet been decided," Chief Executive Gian Giacomo Ferraris said in a text to Reuters.

Italy's weekly il Mondo said on Friday Versace had picked Goldman Sachs to seek a partner or study other financial solutions for the medium term, which may include the issue of financial instruments such as bonds.

Ferraris said the group has not yet given a mandate to an adviser. A steering committee meeting is due later on Friday.

Versace said it could also opt for an initial public offering if advised to do so, but no decision has been taken.

The Versace family has recently considered opening up the business to investors while keeping control of the house.

In March, Ferraris told Reuters that any deal would not take place before 2014, when he aims for core earnings (EBITDA) of 20 percent of sales compared to around 11 percent last year. EBITDA rose 73 percent to 38.7 million euros in 2011.

Platinum-blonde designer Donatella Versace, sister of late founder Gianni Versace, owns the group with her brother Santo and her daughter Allegra, who has 50 percent and joined the board last year.

Privately-owned Italian fashion group Roberto Cavalli has also said it wants to deliver on its turnaround plan before looking to a possible sale or initial public offering.

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