Versace Sells Stake to Private Investor

Gianni Versace SpA (Milan) has said it will sell a 20 percent stake in the company to private equity firm Blackstone Group LP (New York) for $287 million in cash and the purchase of shares from GIVI, a holding company controlled by the Versace family.

As reported by Women’s Wear Daily, the deal values the Italian fashion house at nearly $1.4 billion.

Versace said the Blackstone investment would be used primarily to finance an expansion of its retail networks, and to enhance its e-commerce business.