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Versace revives IPO plans
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February 26, 1998: 8:57 a.m. ET
Brother Santo, now chairman, sets June 1999 as target date to go public
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NEW YORK (CNNfn) - Gianni Versace SpA, the company founded by the late fashion designer, reportedly plans to revive its plans to go public by the spring of next year.
Chairman Santo Versace, Gianni's brother, told the Financial Times that the company will be ready to join the stock market in June 1999 after at least two years under the new management team.
Gianni's sister Donnatella, who is now chief designer, will unveil her second collection in Milan next Friday. Her first collection last fall was well received by customers and critics.
The fashion house, which recorded nearly $1 billion in sales in 1997, had planned to sell an initial public offering last autumn. Those plans were shattered by the well-publicized murder of the famed fashion designer last July.
Santo Versace said capital raised by the initial public offering will be used to open new stores and expand its home products, accessories, perfume and cosmetics lines.
The company plans to open as many as 25 stores in 1998 and 20 in 1999.
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Gianni Versace
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