Versace, the Italian fashion house is all prepared to make it to the stock market by next fiscal. The company was quoted in a saying by Reuters; Core profit rose 20 per cent last year, helped by strong growth in online sales, a weak euro currency and solid demand for its high-end collection.
CEO, Versace, Gian Giacomo Ferraris said in a statement on Thursday that the group expected revenue growth in 2016 as well, despite “uncertain conditions in the first quarter of the year, ” as quoted by Reuters in saying.
Versace is looking forward to find a place in the stock market by mid of 2017, after the Versace family sold a 20 per cent stake to Blackstone- the U.S. private equity group. The group revenue has ascended up to 17.5 per cent in 2015 to 645 million euros ($720 mn), helped by currency moves.
At a consistent exchange the rates of revenue have jumped upto 8.6 per cent, with a 16 per cent rise in China and a 30 per cent increase in Europe. Sales of Versace’s most exclusive line has increased around 23 per cent last year by value. On other hand the accessories, for both men and women have accounted for half of retail sales.
Ferraris revealed that Versace is popular among the celebrities worldwide. It has proved itself despite the negative conditions in the global luxury goods market.
Versace, which has been expanding its retail network after Blackstone’s investment, was quoted by Reuters in a saying that it would invest more than 50 million euros in new retail outlets, existing boutiques and further developing its online business where sales surged 31 per cent in 2015. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 20 per cent in 2015 to 81 million euros.