Italian fashion house sold to Qatari royals

Italian fashion brand Valentino has been sold to Qatari royals - Mayhoola for Investments S.P.C. - for an undisclosed amount.

Mayhoola for Investments S.P.C., an investment company backed by a major private investor group from Qatar, has acquired Valentino Fashion Group S.P.A. and they are looking forward to "exploit the full potential" of the brand and turn it into a "luxury goods powerhouse".

"Valentino has always been a brand of unique creativity and undisputed prestige," femalefirst.co.uk quoted a spokesperson of Mayhoola as saying.

"...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," the spokesperson added.