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Versace and Blackstone sign stake purchase deal-Reuters

Thursday, 3 Apr 2014 08:00pm EDT 

Blackstone Group LP:Italian fashion house Versace signed a deal on April 3 to sell a 20 pct stake to U.S. private equity firm Blackstone, spokespeople for the two companies said on April 4-Reuters.The brand controlled by the family of late founder Gianni Versace is selling the stake to raise funds to open new shops abroad, where it sees demand for its clothing and accessories.The 210 million euro ($288 million) deal values the fashion house at more than 14 times its core earnings for last year.Versace plans a stock market listing in three to five years' time.