Versace Group ready to sell minority stake
Gianni Versace SpA has recently confirmed plans to sell a minority stake privately before selling shares to the public in three to five years. “We decided to open a minority stake sale” before an initial public offering, Chief Executive Officer Gian Giacomo Ferraris said today in Macau, where the Milan, Italy-based company unveiled plans to open a hotel in 2017.
Ferraris said in June that the company is expected to decide by October or November whether it would sell a minority stake publicly or privately. Versace hired Goldman Sachs Group Inc. and Banca IMI SpA last year to explore growth options.
Versace expects “double-digit” percentage growth in sales in each of the next three to five years, Ferraris said today. In 2012, Versace reported Ebitda of 44.5 million euros ($58.7 million) on revenue of 408.7 million euros.