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Versace sells 20% stake to U.S. equity firm at 150 mln euro

Deal values Italian fashion label at one billion euros

27 February, 12:14
Versace sells 20% stake to U.S. equity firm at 150 mln euro (ANSA) - Milan, February 27 - Italian fashion label Versace said Thursday it has reached a deal that will see United States private equity firm Blackstone take a 20% stake, injecting about 150-million euros in the Milan-based company.

The deal will also see Blackstone buy 60 million shares in the holding company GIVI Holding, which is controlled by the Versace family.

That includes Donatella Versace, whose brother Gianni founded the firm, their brother Santo and niece Allegra.

Blackstone will have a seat on the board of directors. Fashion icon Gianni Versace was murdered outside his Miami villa in 1997.

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