Stay out of the office (more or less) for a month to attend to personal matters, and what happens? Strange things! I mean, first Burberry makes its designer CEO; then Jil Sander departs her eponymous brand for the third time; and now it turns out Permira, the European private equity firm, is in the running to take a minority stake in Versace. Yup – that same Permira that in 2007 achieved the dubious distinction of paying more for a luxury brand – EURO 2.6 billion for Valentino Group – than any PE firm ever, only to write it down by more than half two years later. That same Permira that became a poster child for why luxury and private equity don’t mix. That same Permira that now, apparently, begs to differ. The question is why? Hope springs eternal? Or something a little more strategic? Read more
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