25 Sep 2015
Versace is currently debating the location of its planned stock market listing. As revealed by the Italian fashion house´s chief executive, they are hesitant between Asia and the United States.
Versace, in which private equity group Blackstone bought a 20 percent stake in 2014, is working on an initial public offering which a source close to the matter said could take place as early as next year, reports Reuters.
Giangiacomo Ferraris, Versace´s CEO preferred however not to give a timing for the float, saying it depended on external factors such as market conditions. Nevertheless, he reassured the market about the company´s decision to go public: "But we're seriously working towards it," he told reporters on the sidelines of an event. "We want to be ready," added Ferraris.
With regards to the fine detail of the float, Ferraris said there were several options for the bourse listing.
Our market shares in Asia are well distributed. Our investor Blackstone is American with offices in London, our brand is Italy-based so the range of possibilities is large. We'll decide when the moment comes," he said.
"The (IPO's) goal is to ensure the long-term prospects of the company and reduce its dependence on the family," Ferraris said.
The fashion group is set for healthy growth for this year, as it expects to close 2015 with sales of more than 630 million euros, which is nearly 100 million euros up from last year´s 549 million euros.
Versace´s CEO Giangiacomo Ferraris highlighted though that both China and Russia were a concern.
In this vein, is worth of recalling that the fashion group returned to profit in 2011 after struggling for years following the murder, in 1997, of founder Gianni Versace.