Versace expects to close 2015 with €640 million in revenue
today Nov 13, 2015
At the Pambianco-organised conference on 'Fashion and luxury: it's a time for choices', Versace CEO Gian Giacomo Ferraris described the changes that have taken place inside the fashion house over the last few years, and the results they generated.
"When I joined the company as CEO in 2009, Versace's revenue was €267 million and its net financial position was negative. In 2015 we plan to reach a revenue of €640 million, with EBITDA growing by 18%. These figures reflect positively on the choices we made, and explain why, at the time the investment fund became a shareholder in 2014 [with a 20% share], the company's valuation was in excess of €1 billion," Gian Giacomo Ferraris said.
The executive underlined how the turning point was the year 2009, with the definition of a strategy targeting a return to growth and identifying an essential requirement for the collections: to be truly 'fashion', respecting the label's core DNA. "For a brand to have a future, it must follow its own distinctive DNA: we are a fashion, luxury and lifestyle company, and we rely greatly on this. Each and every product and collection reflects Versace's distinctive traits; currently our top ready-to-wear lines account for 70% of our revenue," the CEO concluded.
As for the Stock Exchange flotation, which Versace is working on, no date has yet been set.
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