Sources: Blackstone among bidders for Versace stake
US private equity firm Blackstone would be among potential bidders for a minority stake in Versace, an Italian fashion house. This was according to sources that told Reuters last Wednesday.
Versace would sell around 15% to 20% stake to fund growth. The Italian fashion house would yet short list possible buyers. Versace had been considering expressions of interest, said other sources. Last September, Versace's Chief Executive Gian Giacomo Ferraris said that the company had planned to finalize a shortlist of possible investors by mid-October According to sources, private equity firms Permira and Ardian would likely be candidates to bid for a minority stake in the company. Sources also added that Fondo Strategico Italiano, a state backed fund, would likely take a minority stake in Versace.
A spokesperson for Blackstone refused to comment regarding the situation.
The fashion company would choose two or three potential investors by the end of the year before starting talks, said one source. Versace had been known for its tight fitting dresses that are popular among celebrities that include Lady Gaga.
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