Versace in search of minority shareholder

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18:05 CEST+02:00
Versace is seeking a minority investor, a spokesman at the Italian fashion house still 100-percent by the Versace family confirmed on Wednesday.

Another source said €250 million could be pumped into the luxury brand.

"The company is in the process of seeking a minority investment to bring in financial resources and accelerate development of the brand," said a spokesman, confirming Italian media reports.

The source said that Versace hopes to select an investor next month and complete by the end of this year an investment of around €250 million for a stake of 15 to 20 percent in the company, valuing it at €1.2 to 1.6 billion overall.

Italian daily Il Sole 24 Ore reported that a shortlist of three investors will be established during Milan Fashion Week, which opened on Wednesday, and that the investment would take the form of a €150 million hike in capital and the sale of €50 million in existing shares.

The newspaper cited among possible candidates Qatar's sovereign wealth fund allied with the Italian Strategic Fund, Italy's state-backed sovereign fund. The company declined to speculate on possible investors.

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Versace was founded in 1978 by Gianni Versace. Following Gianni's 1997 murder at his Miami Beach mansion his sister Donatella took over as head of design.

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