Qatari Royal Family Buys Valentino Fashion Group For 700M Euros

July 12, 2012 12:00 AM

Qatari Royal Family Buys Valentino Fashion Group For 700M Euros

" 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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