Versace Sells Minority Stake
Following months of rumors, whispers, and speculation, family owned company Versace, who sent its Fall ’14 collection down the runway last week in Milan, has agreed to sell a twenty percent stake of the brand to New York’s Blackstone Group. Donatella Versace, her brother, Santo, and her daughter, Allegra Versace Beck, aim to retain control of the company despite the sale, which was made to promote future growth, according to WWD. This marks Blackstone’s second venture in the apparel sector. Its first? Crocs.