There have been rumors floating around that Blackstone, a private equity firm, owns Versace. However, this is not entirely true.
What is Blackstone?
Blackstone is a private equity firm that invests in companies across various industries. They typically invest in companies that are undervalued or distressed and then work to improve their operations to increase profitability.
What is Versace?
Versace is a luxury fashion brand that was founded by Gianni Versace in 1978. The brand is known for its bold designs and use of vibrant colors and prints.
So, does Blackstone own Versace?
No, Blackstone does not own Versace. In 2018, Michael Kors Holdings Limited (now known as Capri Holdings Limited) acquired the Italian fashion house for $2.12 billion. However, Blackstone was involved in the sale of Versace.
The Involvement of Blackstone
Blackstone’s involvement in the sale of Versace was through a 20% stake they held in the company before it was sold to Michael Kors Holdings Limited. The stake was acquired by Blackstone in 2014 for €210 million ($287 million).
The Sale of Versace
In September 2018, it was announced that Michael Kors Holdings Limited would be acquiring Versace for $2. The sale included the entire company including its subsidiaries and all trademarks.
Current Ownership
As mentioned earlier, Capri Holdings Limited now owns Versace after acquiring the company from Michael Kors Holdings Limited in November 2020.
- In Conclusion: While Blackstone did hold a stake in Versace before it was sold to Michael Kors Holdings Limited, they do not currently own the luxury fashion brand. The brand is now owned by Capri Holdings Limited.
Final Thoughts
It’s essential to always do your research and rely on credible sources to avoid falling for rumors or false information. In this case, the rumor about Blackstone owning Versace was not entirely true. Nevertheless, it’s worth noting that private equity firms like Blackstone are always on the lookout for investment opportunities in various industries, including fashion.
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