Qatari royal family in advanced talks to buy ValentinoMonday, 09 July 2012
Permira, a London-based private equity firm, which owns Italian
fashion house Valentino, is reported in advanced talks with members of the Qatari royal family to sell the luxury brand for about £550m.
According to Sky News, the sale talks come five years after Permira acquired 100 per cent of the Italian business Valentino Fashion Group for about £2.5bn, which also included a controlling stake in the publicly-listed German company Hugo Boss and M Missoni.
The sale comes as the combined group, held by an entity called Red & Black, has had a tough time during the economic downturn and it is thought that the Emir of Qatar is close to finalising a deal to buy the Valentino fashion label.
Reports suggest that the purchase could be announced as soon as next week, and people close to the talks also suggest that the Qatari royal family will also acquire the M Missoni brand, but it isn’t thought that the deal will also include Hugh Boss.
If the Qatari family do purchase Valentino, which showcased its Haute Couture line last week in Paris, the fashion house would join London’s luxury department store Harrods, which was bought by the royal family in 2010 for £1.5bn.