In a statement, Valentino said that Mayhoola for Investments SPC, an investment vehicle backed by an unnamed Qatari investor, had acquired full ownership of Valentino Fashion Group SpA and the M Missoni license business, previously owned by a subsidiary of private equity fund Permira.
Word of the sell-off arrived on the heels of one of Valentinos most warmly received couture fashion shows, an event that cemented the star reputations of design team Maria Grazia Chiuri and Pier Paolo Piccioli.
A Mayhoola representative praised the designers and expressed confidence in the brands direction in a statement.
Valentino has always been a brand of unique creativity and undisputed prestige. We are impressed by the work of the two Creative Directors, the unnamed representative said. Their ability to blend the aesthetic values of the founder, Valentino Garavani, with a contemporary and sophisticated vision, has been instrumental in enhancing the brands relevance and establishing a platform with significant future potential.
Valentino CEO Stefano Sassi added that the sale would help us to reach our full potential.
Permira acquired Valentino bundled with a majority stake in Hugo Boss for 2.6 billion in 2007, while Mayhoola is believed to have spent 700m for Valentino alone. A Permira representative noted that Hugo Boss, which the firm retained in the Valentino sale, now has a market capitalisation of 5.4bn.
In 2011, Valentino reported sales of 322.4m, 20% higher than the previous year. The brand closed its first half of 2012 with revenues rising 23% year-on-year.