Versace confirms plans to sell stake in the company
No, not a Versace bag or dress. WWDreports that the house of Versace is in talks to find a new minority shareholder–news that was confirmed by CEO Gian Giacomo Ferraris at the label's spring 2014 show in Milan on Friday. The lucky buyer could be announced as soon as October.
According to Reuters, the family-owned label has been on the hunt for a new investor for the past year, with the hopes of expanding the brand further overseas to Asia and elsewhere. "The process is very disciplined," Ferraris said. The deal would set Versace's value at a staggering $1.62 billion.
So if you're interested in attending future business meetings with Donatella, you best start saving up those euros. It's like we always say: Why buy a new sweater, when you can buy 15 to 20 percent of an Italian luxury brand?
Photo Credit: Getty Images
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