Gianni Versace SpA said that it planned to sell a minority stake privately before it would debut a public offering in three to five years. The Italian luxury goods maker had been weighing options how to pay for company growth.

According to its Chief Executive Officer Gian Giacomo Ferraris said today in Macau that the company had decided to open a minority stake sale. He added that Versace had been on track for the sale but did not disclose information as to whether or not the company had started talks with investors. Versace also unveiled its plans of opening a hotel in Macau by 2017.

Last June, Ferraris announced that Versace had been expected to decide regarding the minority stake sale by October or November. The decision would determine whether the stake would be sold publicly or privately. Last year, Goldman Sachs Group and Banca IMI SpA were hired to explore the company's growth options.