Iconic Italian fashion house Valentino has been snapped up by the Qatari royal family for $857.46 million, roughly 7 billion Rand, marking one of the most prominent purchases of a European top designer brand by an emerging market investor.
“Valentino has always been a brand of unique creativity and undisputed prestige,” a spokesperson from Mayhoola an investment group controlled by Qatar’s royal family, said in a release. “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.” Valentino’s CEO Stefano Sassi said that the new investors will help the brand “reach its full potential.”
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.
Here at VIVID, we are certainly looking forward to seeing what this new development will mean for Valentino!