The royal family of Qatar has expanded its stake in the fashion business with the acquisition of leading design house, Valentino. Mayhoola, an investment group controlled by the royals, reportedly spent $858 million on the fashion label.
So what happens next? According to a Mayhoola, not a great deal. The company believes that if it ain’t broke, it doesn’t need fixing. Instead it looks to support Valentino’s development without ruffling too many feathers.
“Our vision is to back management for the long term to exploit the full potential of this exciting brand,” the spokesperson said. “We believe Valentino is ideally suited to form the basis for a global luxury goods powerhouse.“
Valentino chief executive officer Stefano Sassi added that he’s hopeful Mayhoola’s backing will help his fashion house “reach its full potential.”
Valentino is the latest label to join Mayhoola’s stable. The Qatar group has investments in LVMH, Harrods, and Tiffany & Co. It also recently secured the license for M Missoni.
While the official line states that it will be business as usual, it’s impossible for such a major change to have no effect. We look forward to seeing how Valentino progresses under the guidance of Mayhoola. Are you excited to see what will come next?
[Source: Fashionista]
[Image Source: Annalisa Califano/Wikipedia Commons]
