Valentino Lowers Their Debt

Happy holidays Valentino Fashion Group!

Permira and the Marzotto family have decreased the group’s 730 million euro debt ($1.06 billion US) by paying Citigroup 250 million euros.

According to a source “The papers are signed, and they are expected to complete the transaction by the end of the year.”

Hopefully with the economy somewhat leveling out they’ll be able to get rid of the 580 million euros that’s left.

[Image via WENN.]