Iconic Italian fashion house Valentino has been snapped up
by the Qatari royal family for 700 million euros , marking one of the most
prominent purchases of a European top designer brand by an emerging market
investor.
Valentino said Mayhoola for Investments S.P.C, which is
backed by a leading Quatari investor, had acquired full ownership of Valentino
Fashion Group SpA 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 700 million
euros.
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.
reference: reuters
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