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Two investors vie for minority stake in Italian luxury brand Versace
Versace's leading candidates for buyers of its minority stake include private equity group CCMP Capital and an Italian state-backed fund, according to sources familiar with the matter. The unnamed sources were cited in a Reuters report.
The Italian luxury goods brand is selling a 20% stake ahead of a possible stock market listing within three to five years. The company aims to raise funds for the opening of more international shops. The luxury retailer also aims to use the sale proceeds for the development of its clothing and accessories portfolio. The sources said Versace hopes to complete the stake sale by early 2014, the report detailed.
Italy's state-backed Fondo Strategico Italiano (FSI) is eyeing a stake in Versace. Sources have said the fund would value the whole company at €1.1 billion ($1.5 billion). They also said France's private equity firm Ardian and Bahrain's Investcorp are most likely to join FSI and CCMP on the shortlist, the report stated.
Other entities that the sources say are also interested in the Versace stake include private equity firms Clessidra, Blackstone, and Permira, wrote Reuters.