Versace Profits Jump 27%

MILAN — Gianni Versace S.p.A. reported a 27 percent increase in net profits last year on growing revenues globally, as the Milan-based luxury fashion company revealed it has adopted International Accounting Standards, in line with the sector’s publicly listed companies—one of the first steps towards a possible initial public offering. In 2014, Versace saw net profit reach 26.3 million euros, or $35 million, compared with 20.7 million euros, or $27.3 million in 2013. Earnings before interest, taxes, depreciation and amortization rose 9.8 percent to 67.6 million euros, or $90 million, from 61.6 million euros, or $81.3 million, in the previous year. Lifted by global gains at both its wholesale and retail channels, revenues climbed 16.9 percent to 548.7 million euros, or $729.7 million, compared with 469.3 million euros, or $619.4 million, in 2013. Dollar amounts are converted at average exchange for the periods to which they refer. Chief executive officer Gian Giacomo Ferraris said the positive performance last year was achieved “despite the difficult context of international luxury markets,” underscoring the still significant “growth opportunities” for the brand. In particular, he pointed to Versace’s retail expansion, set in motion last year with Blackstone Group’s acquisition of 20 percent of the firm. “Looking ahead, revenues

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