The Qatari royal family has snapped up luxury Italian brands Valentino and Missoni for €700m, hoping to turn them into a “global luxury goods powerhouse”.
Valentino, known for its cocktail dresses and elaborate wedding gowns, fell under private-equity ownership in 2007 as part of Permira’s bid to take over Hugo Boss, the German fashion house that was then controlled by Valentino, in a €2.6bn deal.
In the past five years, the Milan-based house has had to weather not only swings in the luxury market, but also the retirement of its founder and figurehead, Valentino Garavani.
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