Today the FT is reporting that Blackstone is the clear leader in the race for the Versace minority stake – which is surprising on the surface, given that the private equity firm has never made any forays into high fashion, and private equity as a sector has had mixed results in the sector, sic Permira and Valentino, and TPG and Bally. So why the mutual attraction? I was speculating with a colleague recently, and she mentioned what is probably the magic word: hotels. Aka the Next Big Brand extension of luxury. Read more
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