Versace, one of the last few luxury groups retained by the family that bears ts name in Italy, is considering outside investments to provide capital for its expansion goals. According to its CEO, one of the primary targest is reaching out to Asia.
The late Gianni Versace established the company back in 1978 and is now facing the same fianancial issues as its contemporaries such as Missoni, Roberto Cavalli and Giorgio Armani. The dilemma is whether to retain the business within the family or have some control given up in exchange for much needed investment to be able to become competitive in the current market.
According to CEO Gian Giacome Ferraris in an interview with Reuters, "The family is now aware that we need to seize the moment and fund our growth. We are asking ourselve how fast we could go if instead of a Mercedes we owned a Ferrrari."
He also said that the company has no timetable set for any deal and can easily meet existing growth targets without external investors. This was seconded by a company spokesperson saying that 'a sale is an option and not a necessity.'
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