The question of how much Versace was sold for is a complex one, lacking a single, easily digestible answer. There's no public record of a single, outright sale of the entire Versace brand in the manner of a traditional acquisition. Instead, the ownership structure has evolved over time, involving a gradual shift in control and significant investment rather than a definitive sale price announced to the world. Understanding the current state of Versace requires examining its history, the involvement of the Versace family, and the strategic partnerships that have shaped its trajectory.
The provided text mentions a revenue figure of roughly $840 million in 2020. This is crucial context, but it doesn't represent a sale price. This figure refers to the *revenue* generated by the company, not the value at which it changed hands or its current market valuation. Revenue is the income earned from sales, while a sale price would reflect the value paid for the ownership or a significant stake in the company. Confusing these two figures is a common misunderstanding.
To clarify the ownership situation, let's trace the evolution of Versace's control:
The Versace Family's Reign and Gradual Dilution of Ownership:
Gianni Versace, the founder of the eponymous brand, built the empire from the ground up. After his tragic death in 1997, his sister Donatella Versace took the helm, continuing the brand's legacy and ensuring its continued success. Donatella, along with her brother Santo Versace, maintained significant control over the brand for many years. However, the family's ownership wasn't absolute, and the company's structure allowed for strategic partnerships and investments that gradually diluted the family's direct control.
The Blackstone Group's Investment:
A significant turning point came with the involvement of the Blackstone Group, a prominent global private equity firm. In 2018, Blackstone acquired a 20% stake in Versace. While the exact amount paid by Blackstone wasn't publicly disclosed, the deal valued Versace at approximately €1.83 billion (approximately $2.1 billion at the time). This signifies a significant valuation, but it's important to remember this wasn't a complete sale; the Versace family retained a substantial portion of ownership.
Capri Holdings' Acquisition:
The next, and arguably most significant, shift in ownership occurred in 2018 when Capri Holdings Limited (formerly Michael Kors Holdings) acquired a majority stake in Versace. This acquisition effectively brought Versace under the umbrella of a larger luxury conglomerate. Again, the exact purchase price wasn't publicly released, but it was widely reported to be in line with Blackstone's valuation, potentially exceeding $2 billion. This acquisition marked a significant transition, as Versace became part of a larger portfolio of luxury brands, changing its operating structure and strategic direction.
Current Ownership and Market Value:
Currently, Versace operates as a subsidiary under Capri Holdings. While the precise breakdown of ownership percentages within Capri Holdings is complex and involves various shareholders, the Versace family's direct control is significantly reduced compared to its earlier history. Therefore, there's no single "sale price" for Versace. Its value is intricately woven into the overall market valuation of Capri Holdings, which fluctuates based on market conditions and the performance of its various brands. Trying to isolate Versace's individual value within this larger entity is a challenging task requiring complex financial modeling.
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