Valentino is on the verge of being sold for $852 million to an unknown seller!
The Italian fashion house was purchased in 2007 by the Permira private equity group and then resold in 2011 to co-creative directors Maria Grazia Chiuri and Pier Paolo Piccioli.
The label lost moola in 2009, but it's numbers shot back up by 18% in 2011.
“Valentino has seen increasing interest from a number of potential buyers. The outstanding work and stylistic vision of creative directors Maria Grazia Chiuri and Pier Paolo Piccioli and the constant growth of [the] company’s results have generated great attention towards the brand.”
A spokesperson for the Valentino Fashion Group validated that the brand has given the go to sell to a single party, which could happen by the end of July.
According to reports, a "sovereign wealth fund" may be the interested buyer which led to rumors that the possible purchaser is the royal family of Qatar.
Valentino has yet to confirm anything, but whoever is buying the luxury retailer is going to spend one pretty penny!
[Image via Abaca USA.]