MILAN, Italy — New York private-equity fund Blackstone Group is said to be taking a 20 percent stake in Gianni Versace SpA, after a drawn-out bidding process that also included Investcorp and CCMP.

The Blackstone Group will reportedly buy a 20 percent stake through a capital increase of $205.8 million (€150 million), acquiring shares valued at $82.3 million. The sale is intended to finance further global expansion for the brand, however the Versace family will maintain control of the company that bears their name.

Founder Gianni Versace's siblings, creative director Donatella Versace and chairman Santo Versace currently hold 20 and 30 percent stakes respectively, whilst Donatella's daughter with Paul Beck, Allegra Versace Beck, holds a 50 percent stake.