Italian fashion group Valentino has been acquired by Mayhoola for Investments, an investment vehicle backed by an undisclosed private investor group from Qatar.
On Monday, Drapers reported that Valentino’s private equity owner was in advanced talks with the Qatari royal family to sell the luxury brand for about €550m (£434m).
As part of the acquisition of Valentino Fashion Group, Mayhoola will acquire Valentino SpA and the M Missoni license business while the MCS Malboro Classics part of the business will be separated from Valentino Group and will remain under the ownership of current owner Red & Black.
Red & Black will also continue to own a majority stake in Hugo Boss, which was not part of the Valentino deal.
Red & Black is a company indirectly controlled by the Permira Funds in partnership with the Marzotto family. Private equity firm Permira bought Valentino Fashion Group in 2007 for about €2.6bn (£2bn) as part of a deal that included Hugo Boss and M Missoni.