Versace may sell a minority stake in its business.

The Italian fashion house - which was created in 1978 by fashion designer Gianni Versace - will decide whether to sell a small part of the company by "October or November", according to CEO Gian Giacomo Ferraris.

The executive told Bloomberg: "We are still looking at the numbers. To produce more, you need more working capital."

The company is owned by the famed Versace family, led by artistic director Donatella Versace - who has a 20 percent stake of the company - her brother, Santo, who owns 30 percent and is co-CEO of the brand, and her daughter, Allegra, who owns 50 percent of the company.

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 famed 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.

Fans of Versace include singer Lady Gaga, actress-and-singer Jennifer Lopez and actress Kate Hudson.

Versace 2012 Autumn/Winter

Versace F/W 2012-2013 fashion show