Milan, June 25: Designer Gianni Versace, who launched the Italian fashion brand Versace in 1978, will reportedly sell its small business stake by October or November.
The company is owned by the famed Versace family, led by artistic director Donatella Versace, who has a 20 percent stake in the company. Her brother, Santo owns 30 percent and is CEO of the brand. Her daughter Allegra owns 50 percent of the company.
"We are still looking at the numbers. To produce more, you need more working capital," femalefirst.co.uk quoted Gian Giacomo Ferraris, co-CEO as saying.
According to the reports, it's not yet known whether the sale would be private or public and the fashion house has yet to make contact with any potential buyers.
It was recently reported that Qatar Holdings, who own London department store, Harrods, were "looking carefully" at investing in the company.
However, should a sale occur, the Versace family will still control the business aspect of the brand.
Versace fans include singer Lady Gaga, actress-and-singer Jennifer Lopez and actress Kate Hudson.