A cash injection Versace secured on Thursday from U.S. private equity firm Blackstone will help the Italian fashion house in its planned listing, Versace's chief executive told Reuters.
An initial public offering in three to five years is "not mandatory but it is part of the vision of the company", Gian Giacomo Ferraris said.
Continue Reading Below
Ferraris was speaking after the company announced Blackstone would take a 20 percent stake in a deal worth 210 million euros ($287 million).
Blackstone will take a seat on Versace's board of directors but will not necessarily participate in the day-to-day running of the company.
"The vision is to maintain the independence," Ferraris said. "In this intermediate period of time you need a financial investor, not a strategic investor." ($1 = 0.7317 euros)
(Reporting by Isla Binnie, editing by Stephen Jewkes)