Versace's board to feature shareholders only, stock exchange listing delayed?
Versace has reportedly decided that only shareholders are to be members of its board of directors. They are the Versace family, owner of nearly 80% of the stock through its Givi holding company, and the Blackstone private equity firm, owner of the remaining 20%, as well as CEO Jonathan Akeroyd. Independent members would therefore have to step down from the board. The news was reported by Italian daily paper Corriere Economia, according to which the decision would be motivated by the desire to streamline the decision-making process. FashionNetwork has contacted the fashion label, which has declined to comment.
Versace's current board of directors consists of Santo Versace, Chairman, Donatella Versace and Robert Singer, Deputy Chairmen, Jonathan Akeroyd, CEO, and Allegra Versace Beck, Donatella's daugther and the group's single largest shareholder. The other board members are Leonardo Del Vecchio, founder of Luxottica; Jean Paul Vivier; Andrea Valeri, Senior Managing Director at Blackstone and Nadia Alecci, Donatella Versace's lawyer. If only shareholders were to remain on the board, then Del Vecchio, Vivier, Singer and Alecci would step down.
The decision would also imply the postponement of the fashion label's stock exchange listing, which was rumoured to go ahead in 2017. According to Italian company legislation, a certain number of independent members are to be featured on a company's board of directors, in order for the company to be listed on the Milan Stock Exchange.
Versace's final figures for 2015 show a revenue of €645 million (+17.5%), EBITDA of €81 million (+19.8%), EBIT of €42.6 million (-7%) and a net income of €17.2 million, compared to €27.4 million the previous year.
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