GO
Loading...

Blackstone agrees to buy 20% stake in Versace

U.S. private equity firm Blackstone has signed an agreement to take a 20 percent stake in Italian fashion house Versace, in a deal worth 210 million euros ($287 million), a person close to the matter said on Thursday.

The deal involves a 160 million euro capital increase, while the holding company owned by the family of founder Gianni Versace will cash in 60 million euros.

Pascal Le Segretain | Getty Images Entertainment | Getty Images

Versace, which has been wholly owned by the founder's siblings and niece since his murder in 1997, wants to raise funds to open new shops internationally, and expand its clothing and accessories ranges.

Follow us on Twitter: @CNBCWorld

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Europe Video

  • Andy Newland, managing director at Tony Fresko, explains how the use of new technology is helping move this ice cream truck company from a "paper-based business" to a "21st century" business.

  • Jonny Forsyth, global drinks analyst at Mintel, comments on Heineken and Carlsberg's earnings, and says Carlsberg is now suffering from its heavy exposure to Russia.

  • DeAnne Julius, chairman at Chatham House and Karen Ward, senior global economist at HSBC, discuss the dissent within the Bank of England regarding the timing of an interest rate hike.