It is finally official that Valentino Fashion Group S.P.A is now owned by the Qatari royal family.
The Qatari royal family has bought the Italian luxury fashion house Valentino from Red & Black Company which is controlled by Italian textile group Marzotto and Permira Funds. The deal estimated at $858 million, which also includes the M Missoni license business, was signed on June 11th by Mayhoola for Investments.
In 2007, Marzotta family acquired with the private-equity firm, Permia, Valentino through Red & Black as a part of a wider transaction that included Hugo Boss. As for now, the MCS Marlboro Classics brand will be cut out from the Valentino Fashion Group and will stay under Red & Black ownership. Ansa news agency quoted spokesperson from Mayhoola saying: " Their ability to combine aesthetics and the values defined by Valentino with a sophisticated contemporary vision, has made the brand extremely relevant today.” Valentino chief executive officer Stefano Sassi in a release: “Our new shareholder will help us to reach our full potential. During the past few years, despite swings in the luxury markets, the company has operated with great intensity and remained focused on maximizing the potential of the Valentino brand.” As a matter of fact, Valentino saw revenue rise 23% over the first-half of this year against the prior year. The Qatar Foundation as well, acquired French leather goods company Le Tanneur last year.
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