Iconic Italian fashion house Valentino has been snapped up by the Qatari royal family for €700m (US$857.46m), marking one of the most prominent purchases of a European top designer brand by an emerging market investor.
Valentino said Mayhoola for Investments SPC, which is backed by a leading Qatari investor, had acquired full ownership of Valentino Fashion Group from London-based private equity fund Permira and Italian textile entrepreneurs Marzotto.
Valentino did not disclose financial details of the sale nor name the investor. But two sources close to the deal told Reuters the Quatari royal family had acquired Valentino in a deal that values it about €700m.
Founded by designer Valentino Garavani, the Italian high-end fashion brand acquired global fame thanks to its trademark bright-red chiffon dresses, loved by princesses and Hollywood stars alike.
Perella Weinberg Partners was the adviser for the Qataris, while Mediobanca and UniCredit advised Valentino.
Valentino is the latest Italian luxury brand to be bought by a foreign investor, a sign of the resilience of the sector even as Italy sinks into a deep recession. (link)
How about focusing some attention to the lost children left behind by Qatari students studying abroad!
(Ali Hamad Al-Sulaiti would be one citizen to start with)