Valentino Sells for $858 Million

Italian fashion brand Valentino has been sold to Qatari royals.

The investment company, Mayhoola for Investments SPC, bought the company for an 700 million Euros, or roughly $858 million.

In the deal, the Mayhoola Group will also receive the M Missoni line.

The Qatari royal family also owns London’s Harrods department store.  They are currently looking to built up their luxury holdings, and supposedly the wife of the Qatari Emir, Sheikha Mozah, is a big fan of Valentino.

Valentino was founded in 1960 by Valentino Garavani.  It became famous for their red evening gowns and celebrity clientele.  Garavani retired from his brand in 2007, which was the same year that private equity firm Permira acquired the fashion house, along with Hugo Boss, for $5.3 billion.

Written By: Joanelle Navarro