Versace Weighs Sale of Minority Stake

VersaceMilan—Gianni Versace S.P.A. may soon join other Italian brands such as Tod’s, Ferragamo and Prada by going public in the next three to five years.

Last week, Versace CEO Gian Giacomo Ferraris confirmed that the company is in the process of selling a minority stake privately.

Earlier this year, reports surfaced in Italian media that Versace was being looked into by Qatar Holding, a sovereign wealth fund, and an Italian-government controlled investment fund.

Ferraris said in April that the company would consider going pubic when total net sales reach between $659 million to $790.86 million. In 2012, Versace reported earnings of $538.7 million.

The sale of a minority stake should be decided between October to November and whether it would be through private investment or by public offering. The company hired Goldman Sachs Group and Banca IMI to find future growth options.

Established in 1978 by Gianni Versace, the Versace family continues to control most of the shares. Santo Versace owns about 30%; Donatella Versace 20%, and Allegra Versace Beck, Donatella’s daughter, holds a remaining 50%.

 

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Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com