Versace has confirmed that it is not for sale, despite rumours to the contrary. Chairman Santo Versace denied reports that the fashion house is looking for a buyer to Italian press on Tuesday.
"I haven’t spoken to anyone about selling my shares and I am not interested in doing so," he said. "My stake is not for sale."
It’s no secret that the brand has been looking at expansion opportunities, having consulted banks such as Goldman Sachs on ways to finance its growth last year. Rumours emerged recently to suggest that potential buyers from Qatar and the Far East were interested in investing, reports WWD.
Santo Versace’s sister, Donatella, owns a 20 per cent stake in the company, while her daughter, Allegra, owns a 50 per cent stake. The family have stated that they have no plans to accept any outside investment or opt for an IPO at this time. – Vogue