July 12, 2012 12:00 AM
" Valentino Fashion Group has just been sold to the investment firm Mayhoola Group, backed by the Qatari royal family, in a deal estimated at 700 million euros ($858 million). In the deal the Mayhoola Group is also scooping up the M Missoni line.
Mayhoola said in a statement: "Valentino has always been a brand of unique creativity and undisputed prestige. We are impressed by the work of the two Creative Directors, Maria Grazia Chiuri and Pierpaolo Piccioli, and by the management team led by Stefano Sassi."
The Qatari royal family, which also owns London’s Harrods department store, is in the midst of building up its luxury holdings. Analysts believe that this purchase was in part spearheaded by the wife of the Qatari Emir, Sheikha Mozah, a longtime Valentino customer.
Valentino was founded in 1960 by Valentino Garavani and became famed for trademark red evening gowns and a celebrity clientele that has over the years included everyone from Jacqueline Kennedy to Gwyneth Paltrow "
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MILAN/LONDON (Reuters) - Iconic Italian fashion house Valentino has been snapped up by the Qatari royal family for 700 million euros ($857.46 million), marking one of the most prominent purchases of a.Read more
MILAN/LONDON: Iconic Italian fashion house Valentino has been snapped up by the Qatari royal family for 700 million euros ($857.46 million), marking one of the most prominent purchases of a European top designer brand by an emerging market investor.Read more
The Qatari royal family is in advanced talks with private equity firm Permira over the sale of Valentino, the Italian luxury brand, for between €550-€600m. The sale talks come five years after Permira purchased Valentino Fashion Group in a deal.Read more