By and
with contributions from Vicki M. Young
 on May 23, 2016

Versace is going through a management shake-up that could signal a deeper involvement of The Blackstone Group, which took a 20 percent stake in the Italian luxury firm in 2014. According to sources, the private equity fund may be stepping in to steer the next phase of the brand’s development eying an initial public offering in the next few years.

As reported, Jonathan Akeroyd is Versace’s new chief executive officer, succeeding Gian Giacomo Ferraris. Market sources in Milan believe Ferraris was asked to leave. Sources said the change wasn’t instigated by Blackstone, and could have resulted from a clash of wills between Ferraris and Donatella Versace. These sources said the change was approved by the Versace board, on which Blackstone has a seat.

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