Valentino Sold to Qatari Group Mayhoola for a Reported $858 Million

Pierpaolo Piccioli and Maria Grazia Chiuri attend the 2012 Convivio charity gala event on June 7, 2012 in Milan, Italy.
Valentino's creative directors Pier Paolo Piccioli and Maria Grazia Chiuri. Photo: Venturelli/WireImage

Earlier this week, the Telegraph reported that private equity firm Permira already unloaded the fashion house for £476 million (about $736 million) to an unidentified "sovereign wealth fund," while WWD disagreed, claiming "a sale ... could be just weeks away" but pegging the price at £550 million (about $852 million). Today, WWD writes that a deal has, in fact, been reached with Mayhoola for Investments, "understood [to be] controlled by the royal family of Qatar," in which the group picked up Valentino SpA and the M Missoni license business for a supposed 700 million euros, or $858 million. A Mayhoola spokesperson said: "Valentino has always been a brand of unique creativity and undisputed prestige. … 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." In other news: Mayhoola! That's a fun name.