09 Jul 2012
(MENAFN) Qatar’s royal family is in talks to buy Italian fashion giant Valentino from London-based private equity firm Permira, British media Sky News reported.
Sky News estimated the deal value at USD851 million, adding that if the deal is successfully sealed, it will be the newest high profile addition to cash-rich Qatar’s collection.
In April, Qatar Investment Authority (QIA), the Gulf state’s sovereign wealth fund, has acquired a 5.2 percent stake in US-based jewelry retailer giant Tiffany.
QIA also owns the luxury London department store Harrods, a 17 percent stake in Volkswagen and a one percent stake in LVMH, the French luxury group which owns Louis Vuitton among other valuable assets in Europe.
The media also said that Permira bought a majority shareholding in the German’s Hugo Boss and 100 percent of the Italian business Valentino Fashion Group in 2007 for about USD3.87 billion.
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