Versace has some major growth potential- a 20 percent stake of the Italian fashion house will be sold to the Blackstone Group. The deal is expected to finalize next month and Blackstone will put 150 million euros of capital into the brand. Donatella Versace will keep her position as the creative director and Santo Versace will continue as chairman. The fashion house, which is valued at 1 billion euros, now has the ability to fully develop on an international level. The ultimate goal is to take the company public in three to five years. “Versace is a gold mine,” declared Versace CEO Gian Giacomo Ferraris.
– Claire Mykrantz