Versace deal with Blackstone values group at 1 billion euros

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A sign is seen for a high-end retail store along 5th Avenue in New YorkItaly’s Versace agreed a deal with Blackstone on Thursday that will see the U.S. private equity firm take a 20 percent stake in the fashion house in a deal valuing the company at one billion euros ($1.37 billion). Blackstone will inject 150 million euros of fresh capital into Versace and will also buy 60 million euros of shares from family holding company GIVI Holding, the fashion house said. The deal implies an enterprise value for Versace, whose signature Medusa head logo appears on its clothes and accessories, of one billion euros, the company said. Versace said the family of founder Gianni Versace will remain at the heart of the company.