Versace seeking new partner to strengthen style empire

Always in front of the cameras, Versace is also always looking for something to sharpen their competitive edge

The world of fashion is fed by speculation and anticipation. New lines, fresh additions and strategic alliances drive creativity and boost financial health.
In the case of Italian high-fashion brand Versace, eyes are darting between the Medusa logo marking its head offices in Milan and the stock exchange just around the corner in the city's Piazza Affari or Business Square. The question on the fashion and financial communities' lips - IPO or no? Rumours have it that if it does take its stock public, the family-owned fashion house will partner with giants Goldman Sachs to sharpen its competitive edge in the fickle, global luxury market.
With the latest revenue growth forecast at approximately 10% over the next three years and a return to profit in 2011, Versace could be more poised that ever for a market launch.
'The Versace brand has great potential for growth in existing, as well as new markets, even if expansion is slow in the global market for luxury goods,' said CEO Gian Giacomo Ferraris in a statement. It is one of the most recognized brands worldwide, never ceasing to follow the vision and innovation of its founder, Gianni Versace.
Gianni, who would have been 66-years-old this year, started his fashion legacy in his seamstress mother's workshop, where he apprenticed until striking out on his own.
It did not take long before the Calabrian designer was freelancing for some of the fashion world's biggest names and then, in 1978, started his own Versace brand together with his brother Santo.
Starting with a women's line later that year in Milan, his knack for cutting-edge, creative fashion turned heads immediately. As the international praise rolled in, so did the profits and demand.
Just four years after launching his brand, Gianni's flamboyant and theatrical streak gained speed and he started designing costumes for Teatro della Scala, Milan's opera house.
It was a move that propelled him even further onto center stage in the fashion world. Gianni often took the feel of the theater onto the runways when he was launching collections and shaped an identity that mimicked his vibrant lifestyle.
The fashion house became a mirror of its marquee-name designer. Gianni injected his designs with the same thirst for pleasure he was known for and that gave him the reputation as the nicest guy in the industry.
Tragedy struck in 1997 when the 50-year old genius designer was gunned down near his estate in Miami Beach where he was vacationing with his life partner of 16 years. His grief-wracked sister whom he often called his muse, Donatella, and brother Santo vowed to keep the brand alive, despite widespread fears that the loss of its creator would mark its end. At the time of his death, the family was planning to make an IPO to finance further growth.
Since then, the company has remained rooted in the family, split between his siblings and Donatella's daughter Allegra, who has 50% and joined the board last year. The answer to the question whether or not Versace will take the plunge and list comes with one certainty - with or without an IPO, last year was a very good year.