Italian label Valentino finally confirmed rumors that it was indeed the Qatari royal family-run Mayhool that acquired the label for an estimated $858 million. The acquisition, which has been the subject of many fashion news outlets’ investigative efforts for days, is the group’s latest luxury purchase. With this deal, the Qatari investors will also get the M Missoni business.
Mayhoola is known for its luxury-specific acquisitions, having investments in prominent brands such as LVMH, Harrods and Tiffany & Co. With a high-profile purchase, it’s typical for the brand’s prolific roster of clients to fear that an overhaul will take place within the storied house. However, in a statement released by Mayhoola, the group clarifies that there are no plans to conduct major changes. “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,” read the press release.
Now that has been cleared, everyone can now sigh in relief because for now, Valentino will remain the go-to fashion house for stellar garments. Maria Grazia Chiuri and Pier Paolo Piccioli can also sketch on and continue their fresh and elegant take on Valentino Garavani’s founding aesthetics.
Photo from iMAXtree.com/Alessandro Lucioni
With reports from The Wall Street Journal