London-based private equity fund Permira is planning to sell Italian fashion house, Valentino. A spokesperson for the Valentino Fashion Group announced that Valentino is in exclusive negotiations with a potential buyer. Although Permira has not confirmed the buyer or price, it is speculated that Qatar’s royal family will be paying a staggering amount of over $700 million. It is predicted that the agreement will be announced this month.
After a disappointing financial end to 2009, Valentino’s revenues increased by 18% in 2011 thanks to co-creative directors, Maria Grazia Chiuri and Pier Paolo Piccioli. Chiuri and Piccioli have added a modern twist to the iconic Valentino designs. Valentino took the red carpet by storm in 2011 with actresses such as Keira Knightley, Anne Hathaway and Kate Bosworth.