Iconic Italian fashion house Valentino has been sold to a foreign investor for 700 million euros or $857 million USD.
According to Reuters, an investment firm called the Mayhoola Group which is backed by the Quatari royal family has acquired full ownership of Valentino Fashion Group SpA. The exact details of the transaction have not been disclosed, although it has also been revealed that the M Missoni line is also part of the deal.
In a statement released Thursday, the Mayhoola Group said, "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." It is speculated that the wife of the Qatari Emir- a longtime and loyal customer of Valentino- heavily influenced the transaction.
High-end Italian fashion house Valentino is notably a favorite among Hollywood starlets and royalty. With its trademark, bright red gowns and dramatic shows, the Italian fashion house has remained true to its creative principles and vision despite recent economic troubles. In the wake of luxury's rise, the Qataris will be pressured to continue that legacy, given their familiarity with the luxury sector. The family currently owns London's famed department store Harrods and own stakes in Porsche.