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By
Reuters
Published
Mar 25, 2015
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Versace's revenue rises 17 pct in 2014, 2015 off to brisk start 

By
Reuters
Published
Mar 25, 2015

Italian fashion house Versace's revenue rose 16.9 percent in 2014, and first-quarter revenue recorded double-digit growth, it said on Tuesday.

Last year's revenue growth was mainly due to sales at the shops the group directly manages, Versace said, adding it planned to enlarge its boutique network further this year.

Donatella Versace at the end of her Fall-Winter 2015/16 show in Milan - PixelFormula


Total revenue at the luxury group, which plans an eventual stock market listing, was 549 million euros ($600 million) last year, and core earnings rose nearly 10 percent to 68 million euros last year. It did not give figures for the first quarter.

The luxury group, favoured by celebrities such as pop star including Lady Gaga, returned to profit in 2011 after struggling for years following the murder of founder Gianni Versace in 1997.

In 2014 sales in North America rose 29 percent, 16 percent in Asia and 14 percent in Europe.

Last year the family-owned fashion house agreed to sell a 20 percent stake to U.S. private equity group Blackstone for 210 million euros to fund expansion.

Using funds from the sale, Versace opened more than 40 boutiques in 2014 and planned 30 more openings this year, including a flagship store in the centre of Tokyo.

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