July 10, 2012

Valentino To Be Sold For €600m

Valentino Couture Fall 2012 Backstage

Luxury Italian Fashion House Valentino is believed to be on the verge of being sold in the near future to a sovereign wealth fund that has yet to be identified by the press, for the sum of €600m.

For the last five years, the Italian label, famous for its signature fiery red gowns, has been under the wing of London-based private equity firm Permira, which bought it in 2007, after founder and eponymous designer Valentino Garavani retired. That same year, designers Maria Grazia Chiuri and Pier Paolo Piccioli were brought in as creative directors for the brand, and are now highly credited for the label’s renaissance.

Valentino Couture Fall 2012 Backstage

Although Valentino reps have denied that a sale is definitely in the works, a spokesperson has stated the following, concerning this matter: “In reference to the latest rumours about a transaction on Valentino, the company firmly denies that a sale of its shares has happened. […] An exclusivity has been granted to one of the potential buyers, who expressed interest in the long-term potential of the brand, and it is expected to expire during the month of July.”

According to Stefano Sassi, CEO of Valentino Fashion Group and Valentino, “The outstanding work and stylistic vision of creative directors Maria Grazia Chiuri and Pier Paolo Piccioli and the constant growth of company’s results have generated great attention towards the brand.” In 2011, the Italian fashion label registered sales of €322.4m, which means 20% up from the previous year.

Photos courtesy of: eyeandclaw.tumblr.com, leviiisuel.tumblr.com