As expected, Valentino Fashion Group SpA has been acquired by Mayhoola for Investments, which is controlled by the royal family of Qatar, for roughly $858 million.
As with most big business deals, there are several groups involved.
Mayhoola and Red & Black Lux Sari, a group indirectly controlled by Permira Funds, partnered with the uber rich Marzotto family to ink the deal.
By acquiring VFG, Mayhoola now controls Valentino SPA and M Missoni, but MCS Marlboro will not be a part of the deal and will remain a part of Red & Black, who still owns a hefty stake in Hugo Boss.
A rep for Mayhoola said:
“Valentino has always been a brand of unique creativity and undisputed prestige. …Our vision is to back management for the long term to exploit the full potential of this exciting brand. We believe Valentino is ideally suited to form the basis for a global luxury goods powerhouse.”
It seems like a great buy since Valentino’s sales were up 23 percent from last year to the current year.
We also expect our favorite fashionista from Qatar, Sheikha Mozah, to wear nothing but Valentino from this day forward!
Of course it's not like Valentino is her only option.
Qatar Holding LLC is also linked to the royal family, which has gone on to acquire acquired Harrods, a stake in LVMH Moet Hennessy Louis Vuitton, a share in Tiffany & Co. and part of the British supermarket J Sainsbury in the last six years.
[Image via WENN.]
Tags: acquired, m missoni, marzotto family, mayhoola for investments, mcs marlboro, permira funds, purchased, qatar royal family, red and black lux sari, sheikha mozah bint nasser al missned, sold, stefano sassi, valentino fashion group spa