Rumours that Santo Versace's 30 per cent share in the global fashion brand is for sale are, according to the man himself, unfounded.
"I haven't spoken to anyone about selling my shares and I am not interested in doing so. My stake is not for sale," Versace told an Italian newspaper on Tuesday.
Santo founded Versace with his late, designer brother Gianni in 1977 assuming responsibility for the business side of the brand, including sales, distribution, production and finance.
Santo moved into politics in 2008, and in July 2009 Giangiacomo Ferraris, former executive at Prada, Gucci and Jil Sander Group, was appointed CEO, leading the brand back into profit in 2011 after near-collapse.
WWD report that recent rumours pointed at a possible acquisition by buyers from Qatar, the Gulf area, or the Far East, but it now appears that the brand will remain a privately owned family business.
Following his murder in 1997, Gianni left his 50 per cent share of the company to his niece, Allegra - then only 11 years old - while his younger sister Donatella, who owns 20 per cent, stepped up from her role as vice-president to assume creative control.
Via: Versace is not for sale
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