Versace plans minority stake sale, then IPO in 3-5 years

MILAN, Italy - Italian fashion house Versace plans to sell a minority stake privately before listing shares publicly in three to five years, Chief Executive Gian Giacomo Ferraris was quoted as saying by Bloomberg News.

"We decided to open a minority stake sale," before an initial public offering, Ferraris said on Thursday.

Ferraris said in April the company could open to outside investors to fund growth..

The company is owned by late founder Gianni Versace's sister Donatella, brother Santo and niece Allegra, who inherited her uncle's 50 percent stake.

Two sources close to the situation told Reuters last week there had been no acceleration in the process of finding a partner for the company.