Versace open to investors as European luxury reports a slowdown
04/04/2013
Founded in 1978 by the late Gianni Versace, the group faces the same dilemma as peers such as Missoni, Roberto Cavalli and Giorgio Armani - keep the business in the family or give up some control in return for investment.
"The family is now aware that we need to seize the moment and fund our growth," said chief executive Gian Giacomo Ferraris. "We are asking ourselves how fast we could go if instead of a Mercedes we owned a Ferrari.”
European luxury brands have reported a slowdown in demand from Asian tourists, with representatives from leathergoods stores Bottega Veneta in Paris, Longchamp in London and Valextra in Milan among those citing a decline in recent weeks. That could be a problem in a European industry where Chinese shoppers account for one third of luxury purchases.
However, representatives from luxury brands Chanel, Lanvin and ST Dupont in Paris and at Trussardi in Milan said sales were still brisk.
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