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.

This story first appeared in the April 15, 2014 issue of WWD. Subscribe Today.

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.

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