Saturday, 23 July 2016
Last updated 13 hours ago
Mar 4 2014 | 9:28am ET
The Blackstone Group is getting stylish.
The private equity firm has bought a 20% stake in fashion designer Versace for €210 million.
Versace plans to use the proceeds to fund an expansion. The house had suffered following the murder of founder Gianni Versace in 1997, and returned to profit only in 2011. The Blackstone investment is also a precursor to an initial public offering within three to five years.
“The vision is to maintain independence,” CEO Gian Giacomo Ferraris told Reuters. “In this intermediate period of time you need a financial investor, not a strategic investor.”