Well that was quick. As we reported earlier this week, Valentino was back on the market rather unexpectedly, but now the beloved Italian label is no longer up for grabs. WWD confirmed that Valentino was officially sold to the Qatar Royal Family Investment Group, ratifying rumors that were already circulating the Web.
The going price for the exclusive label was slightly higher than originally thought, selling for a estimated $858 million rather than the originally reported rate of $852 million. The seller in the deal is the Permira private equity group, which has only owned the label for five years.
With a touch of royalty now circulating throughout the much-loved fashion house, we expect that we’ll continue to see great things coming out of Valentino. The Qatar Royal Family has also picked up the M Missoni license as well as other designer brands in the past (Tiffany & Co. and LVMH are among the bunch). It’ll be interesting to say the least to see how this line continues to proceed with new backers who clearly aren’t afraid to throw money on a project they thoroughly believe in. We know we’re staying tuned.