Qatari royal family buys Italy's Valentino
Source: Agencies |
July 13, 2012, Friday
|
Print Edition
Print Edition
ICONIC Italian fashion house Valentino has been snapped up by the Qatari royal family for 700 million euros (US$857 million), marking one of the most prominent purchases of a European top designer brand by an emerging market investor.
Valentino yesterday said Mayhoola for Investments SPC, which is backed by a leading Qatari 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 said the Qatari royal family had acquired Valentino in a deal that values the iconic label at about 700 million euros.
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.
In December 2010, high-end menswear retailer Trinity Ltd bought Italian menswear brand Cerruti for US$70 million.
In 2011, Dubai retailer Paris Group bought fashion house Gianfranco Ferre.
Valentino yesterday said Mayhoola for Investments SPC, which is backed by a leading Qatari 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 said the Qatari royal family had acquired Valentino in a deal that values the iconic label at about 700 million euros.
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.
In December 2010, high-end menswear retailer Trinity Ltd bought Italian menswear brand Cerruti for US$70 million.
In 2011, Dubai retailer Paris Group bought fashion house Gianfranco Ferre.
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