Blackstone takes 20 percent stake in Versace

Blackstone boss Stephen Schwarzman is cozying up with Donatella Versace — and giving her a little cash to play with too.

The buyout king's private-equity firm has scooped up a 20 percent stake in the Italian fashion label in exchange for a cash infusion of about $205 million, plus an $82 million payout to the Versace family.

The deal, which values Versace at $1.4 billion, will fuel a fresh growth spurt for the brand, whose fortunes have been up and down since the murder of founder Gianni Versace in 1997.
Donatella Versace, who has been creative director since her brother's death, said in a statement that Schwarzman "shares the family's vision" for the brand.

"I am very pleased to work with Blackstone and, in particular, with Stephen Schwarzman, whom I admire for his achievements," she said in the statement.

Schwarzman, who met with Donatella in December to hammer out the deal, said, "It is a great pleasure to be working with a true icon in Donatella Versace."

Versace is Blackstone's first luxury investment and signals sizzling demand among private-equity shops looking to capitalize on growth in Asia.

Other suitors for Versace included Investcorp, a Bahrain-based buyout firm that previously owned Gucci.

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