Valentino has been sold for an undisclosed sum in the hopes of turning it into a luxury goods powerhouse and Stella McCartney is to release an affordable lingerie line.
Valentino has been sold for an undisclosed sum. 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 the new company are looking forward to “exploit the full potential” of the brand and turn it into a “luxury goods powerhouse”.
A spokesperson for Mayhoola said: “Valentino has always been a brand of unique creativity and undisputed prestige. “We are impressed by the work of the two creative directors, Maria Grazia Chiuri and Pierpaolo Piccioli, and by the management team led by Stefano Sassi. Their ability to blend the aesthetic values of the founder, Valentino Garavani, with a contemporary and sophisticated vision, has been instrumental in enhancing the brand’s relevance and establishing a platform with significant future potential. 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.”
Valentino think the backing of the new company will help them build on their recent growth. Stefano Sassi, CEO of Valentino, said in a statement: “We are delighted with this development. “During the past few years, despite swings in the luxury markets, the company has operated with great intensity and remained focused on maximizing the potential of the Valentino brand. This effort should drive a 60 per cent increase in revenues from 2009 to 2012. Our new shareholder will help us to reach our full potential. I would like to take this opportunity to thank the Permira Funds and the Marzotto family for their industrial vision and the support that they have provided to management in implementing the first steps of our long term plan.”
The deal includes the Valentino label as well as the M Missoni license. Though the fee was undisclosed, Valentino denied earlier this week the company was to be purchased for almost £500 million, but confirmed at the time there was an interested buyer.
Stella McCartney is to release an affordable lingerie line. The designer has created a lower-priced, mid-range line of underwear, named Stella, and the range will be available from next month.
The collection features five bra styles, including underwire, low plunge cups, a strapless style and a seamless, underwire-free style in colours such as electric blue, python, blush pink and black. Knickers in lace, mesh and satin will also be on sale.
Stella told T magazine: “Well-made lingerie is key. Feeling constricted by one’s underwear just isn’t my thing; you need to rely on the quality. It has to fit, function and do its job first and foremost.” The underwear is created from organic cotton and recycled metal, for the strap’s gold Stella-encrusted rings. The knickers are priced at $26, while bras come in at $55. As well as her lingerie collection, Stella’s designs will be seen on the Great British Olympic team as she has designed the kit the athletes will wear at London 2012, which starts on July 27.
