Versace Possibly Heading Towards IPO
Following reports that Marc Jacobs is going public, we’re hearing that Gianni Versace SpA is also
Following reports that Marc Jacobs is going public, we’re hearing that Gianni Versace SpA is also looking towards an IPO coming off a strong 2014. The Italian fashion house sold a 20 percent stake to Blackstone Group in 2014, a pivotal move that fueled its global expansion. Profits at Versace jumped 27 percent to €26.3 million EUR (approximately $35 million USD), compared to €20.7 million EUR (approximately $27.3 million USD) in 2013. Lifted by global gains in both wholesale and retail, revenue rose 16.9 percent. In its year-end report, Versace adopted International Accounting Standards which is in line with the sector’s publicly listed companies, with Versace CEO Gian Giacomo Ferraris telling WWD that the company is “seriously and concretely preparing the process [for an IPO]. This is one step.” Ferraris is also strengthening the company’s management structure, and looking ahead in 2015 where first quarter revenues are expected to hit double digit growth. Stay tuned for more updates regarding Versace’s possible IPO.
