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Italy's Versace eyeing sale of 15-20 pct stake to financial partner-source
September 11, 2013 / 3:33 PM / 4 years ago

Italy's Versace eyeing sale of 15-20 pct stake to financial partner-source

MILAN, Sept 11 (Reuters) - Italian fashion house Versace is looking to sell a stake of up to 20 percent to a financial partner to help it fund growth, a source with knowledge of the matter said on Wednesday.

“The stake should be around 15-20 percent and will be sold to a financial, not industrial, partner,” the source told Reuters, adding the aim was to complete the deal by the end of the year.

The source, speaking on condition of anonymity, said the stake would be sold through a reserved capital increase of around 250 million euros ($331.7 million).

A second source close to the matter said the Versace family might be prepared to sell up to 30 percent and that a reserved capital increase was one of the options being considered.

“The capital increase is on the table. But the family might sell part of their stakes directly (to a financial partner),” the second source said.

Versace Chief Executive Gian Giacomo Ferraris told reporters last week the fashion group planned to sell a minority stake privately before listing shares publicly in three to five years.

$1 = 0.7538 euros Reporting by Stephen Jewkes, editing by Silvia Aloisi

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