Versace fashions a stake sell-off to fund expansion overseas

PUBLISHED: 16:38 EST, 4 April 2013 | UPDATED: 16:38 EST, 4 April 2013

Star customer: Actress Penelope Cruz

Versace is ready to sell some of the company to outside investors to help fund expansion in overseas markets such as Asia, its chief executive said.

The family-owned Italian fashion house, founded in 1978 by the late Gianni Versace, is now controlled by his sister Donatella, who is the chief designer, her daughter Allegra and her brother Santo.

The family is now aware that we need to seize the moment and fund our growth, said chief executive Gian Giacomo Ferraris. Versace, whose customers include Penelope Cruz, and J-Lo, raised the prospect of a sale last May when it hired investment banks Goldman Sachs and Intesa Sanpaolos Banca Imi as advisers.

Ferraris said the company is not currently in talks with potential investors.

A stock market listing could be an option.

The company said its revenues for last year grew 20 per cent to just under 350million. Net profit was 7.2million.