Qatar’s royal family has bought the iconic Italian fashion house Valentino.
The sellers are the London-based private equity fund Permira and Italian textile entrepreneurs Marzotto – the price is reportedly seven hundred million euros.
Valentino is the latest Italian luxury brand to be bought by a foreign investor. It is a sign of the resilience of the sector even as Italy sinks into recession.
Founded by designer Valentino Garavani, the Italian high-end fashion brand acquired global fame thanks to its trademark bright-red chiffon dresses, loved by princesses and Hollywood stars alike.
The Qataris, who also own the post London department store Harrods, have been among the world’s most active investors. Their assets include stakes in German sports car maker Porsche and British bank Barclays.