WWD.com/fashion-news/fashion-scoops/not-for-sale-6674187
fashion-scoops
fashion-scoops

Versace Chairman Responds to Report of Sale

On Tuesday, an Italian daily claimed that Korean fund E-Land, among others, was evaluating a deal to acquire Santo Versace's 30 percent stake in the firm.

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NOT FOR SALE: As it returned to profit in 2011, Versace has been looking at alternatives to grow and, ever since it hooked up with Goldman Sachs and Italian bank Intesa Sanpaolo last year to discuss ways to finance its expansion, rumors periodically resurface around the brand about potential buyers from Qatar and the Gulf area to the Far East. On Tuesday, chairman Santo Versace responded to an Italian daily claiming that Korean fund E-Land, which controls Mandarina Duck, among others, was evaluating a deal to acquire his 30 percent stake in the firm. “I haven’t spoken to anyone about selling my shares and I am not interested in doing so. My stake is not for sale,” said Versace. His sister Donatella and her daughter, Allegra Versace Beck, each hold a 20 and 50 percent stake, respectively, in the company. The Versaces have repeatedly said they have no plans to relinquish control of the firm by taking on an investor or going for an initial public offering.