by Team Bloginity
Valentino has been sold to investment company Mayhoola for Investments S. P.C, it has been confirmed.
The private investor group from Quatar has acquired Valentino Fashion Group S. p. A. for an undisclosed sum estimated to be in the region of $735 million.
The new owners have also bought the M Missoni license business.
Stefano Sassi, CEO of Valentino, is looking forward to reaching the company’s “full potential” with the help of the new backers.
“We are delighted with this development,” he said in a statement. “During the past few years, despite swings in the luxury markets, the company has operated with great intensity and remained focused on maximizing the potential of the Valentino brand. This effort should drive a 60 per cent increase in revenues from 2009 to 2012. Our new shareholder will help us to reach our full potential. I would like to take this opportunity to thank the Permira Funds and the Marzotto family for their industrial vision and the support that they have provided to management in implementing the first steps of our long term plan.”
Reports that the fashion house had been sold emerged earlier this week but weren’t confirmed until today.
A spokesperson for Mayhoola said the new owners are looking forward to turning the Valentino brand into a “global powerhouse”.
“Valentino has always been a brand of unique creativity and undisputed prestige. We are impressed by the work of the two creative directors, Maria Grazia Chiuri and Pier Paolo Piccioli, and by the management team led by Stefano Sassi. Their ability to blend the aesthetic values of the founder, Valentino Garavani, with a contemporary and sophisticated vision, has been instrumental in enhancing the brand’s relevance and establishing a platform with significant future potential,” they said. “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.”