MILAN — Donatella Versace and her daughter Allegra Versace Beck have linked their 20 and 50 percent stakes, respectively, in GiVi, the holding company that controls Gianni Versace SpA, while chairman Santo Versace, with his 30 percent holding, has the right to sell his shares upon the initial public offering, which is expected in three to five years.
The heirs of Santo Versace, who is 69, have the right to sell their shares to Donatella and Allegra Versace, but the latter two could also directly ask to buy them.
These are a few of the details in the statute of GiVi deposited at the Chamber of Commerce, following the sale of a 20 percent stake of Versace to the New York-based Blackstone Group in February, and reviewed by Italy’s Corriere della Sera. The deal was struck between Blackstone and Gianni Versace SpA, which is entirely controlled by GiVi Holding. Blackstone will own 20 percent of Versace SpA, with GiVi Holding maintaining the balance.
According to the report published on Monday, the document states that there is a five-year lockup on the sale of the shares, unless all shareholders agree.
Blackstone has one seat on the board of GiVi to protect its investment, especially if there are changes in the shareholding, but for the time being the fund has no voting rights, according to the report. If Santo Versace and/or Donatella and Allegra Versace sell more than 50.01 percent of their shares, the other shareholders have the right to sell all — and not only a part — of their shares at the same price.
Also, the Versace family has a power of veto on the sale of the Blackstone shares if the potential buyer is either a producer or distributor of fashion, and the private equity fund is not to elect a representative on the board that may have a stake or be in charge of more than 5 percent of a company in the fashion industry. A management committee may be set up within the board, but it will have no say over design or creativity.
Following the deal, Blackstone was to inject 150 million euros, or $208.2 million at current exchange, of fresh capital into the company and to acquire 60 million euros, or $83.3 million, in stock from GiVi Holding SpA.
The first part of the capital increase took place on April 10, while the second part, for 40 million euros, or $55.5 million, will have to take place by June 20.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast