Versace is selling a minority stake in the company to outside investors. It might be too late for us normals, because the fashion house is vetting offers that have already been made, with the winning bid being announced in October. Fingers crossed it's Migos and/or Drake. Or maybe 2 Chainz will step up so he can floss in head-to-toe Versace for life.
According to a source, Reuters reported last week that "Versace was looking to sell a stake of up to 20 percent by the end of 2013 in a deal that would value the group at more than 1.2 billion euros ($1.6 billion)." After that, the print-friendly-house might take itself public in three to five years' time. Perhaps then would be a more realistic chance of actually owning a portion of the label.
The house, founded in 1978 by the late Gianni Versace, still keeps business within the fam. Currently, Gianni's sister Donatella owns about 20 percent of the company, her brother Santo owns about 30 percent, and Donatella's daugher Allegra owns approximately 50 percent.
The reason for outside investment was explained by Donatella in a recent interview. “The Versace brand has an enormous potential. Our advisors are selecting an investor that will buy a minority stake through a capital hike," she said. "We are not selling. Being small is neither good nor convenient. We must grow.”
[via Business of Fashion]