185000000 IT Holding Finance SA

Versus is a medium-priced fashion brand originally developed as an extension of the Versace brand created by the
designer Gianni Versace. We have been producing items under our Versus license since 1989, longer than under
any of our other brands. Versus products are typically innovative in design and feature strong, bold colors. They
are targeted at men and women who are between 20 and 35 years of age and are intended to reflect a modern,
aggressive, trendy and cosmopolitan image. Competing with Versus are brands such as CK by Calvin Klein,
Emporio Armani and Philosophy by Alberta Ferreti.
Versace Jeans Couture is a low- to medium-priced fashion brand that was developed as an extension of the
Versace brand. It is targeted at men and women who are between 20 and 45 years of age and is intended to reflect
a similar but more casual image than the Versus brand. Competing with Versace Jeans Couture are brands such as
Armani Jeans, CK Jeans, DKNY Jeans and Moschino Jeans.
Just Cavalli is a low- to medium-priced fashion brand that is an extension of the Roberto Cavalli brand created by
the designer Roberto Cavalli. It is targeted at men and women who are between 18 and 45 years of age and is
intended to reflect an image of modern, eccentric individualism. Just Cavalli products are typically highly
fashionable and opulent in design. Competing with Just Cavalli are brands such as Emporio Armani and Helmut
Lang Jeans.
C’N’C Costume National is a medium-priced fashion brand that is an extension of the Costume National brand
originally developed by the designers Ennio and Carlo Capasa. It is targeted at men and women who are between
18 and 30 years of age and is intended to reflect an image of trend-setting, iconoclastic individualism. C’N’C
Costume National products are typically highly fashionable and cutting-edge in design. Competing with C’N’C
Costume National are brands such as Comme Comme of Comme des Garçons and Diesel Style Lab.
Extè is a medium-priced fashion brand developed by us and launched in 1996. It is targeted at men and women
who are between 20 and 35 years of age and is intended to reflect an image that is young, urban, contemporary and
trendy. Competing with Extè are brands such as Moschino Cheap & Chic, Miu Miu, Blumarine, Iceberg and Prada
Sport.
Our Accessories Business
Our accessories business, which was spun off from our young lines apparel business in 2001, is comprised of our
young lines brands and our GF Ferré label. Our accessories business focuses on producing “accessible” luxury
products at a reasonable price, emphasizing product integrity, perceived value and brand awareness. We believe
that our young lines brands lead their target markets in terms of image, fashion, content, desirability, innovation
and quality. During 2004, our accessories business accounted for 8.2% of our consolidated net revenues and, we
believe, approximately 9.9% of our consolidated EBITDA.
Customers, Sales and Marketing
Our customers consist primarily of independent multi-brand boutiques, well-known department stores such as
Bloomingdale’s, Harvey Nichols, Itochu and Neiman Marcus, international importer-distributors and select dutyfree
shops. We also sell a smaller percentage of our apparel and accessories through a network of stores directly
operated by us, as well as through a network of franchised stores which are owned and operated by selected third
parties but whose image, product presentation and design we control through franchise agreements. As of
December 31, 2004, excluding our direct retail customers, we had relationships with more than 4,000 customers
worldwide.
We devote considerable effort to managing our relationships with customers. Senior members of our commercial
staff meet with our most important customers on a regular basis, and we make available visual merchandising
consulting services to support the design of window displays. In addition, most of our customers are smaller
independent stores and boutiques, a significant portion of whose stock in any given year consists of our apparel and
accessories. We believe that our position as the most important supplier or one of the most important suppliers to
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