Valentino Slips from Italian Hands

THE GUARDIAN: Sources say Qatari royal family is behind Gulf investment group that has bought the fashion house for a reported €700m

The fashion house Valentino became the latest in a long line of famous brands to pass out of Italian hands on Thursday, when it was bought by the royal family of Qatar for a reported €700m (£550m).

It was the second renowned Italian design firm in two years to be snapped up by Gulf investors.

The company's founder, 80-year-old Valentino Garavani – a friend of princesses, socialites and film stars – staged his last collection in 2008. Ten years earlier, he and his life partner, Giancarlo Giammetti, had sold the company for around $300m (£195m) to an Italian conglomerate.

For the past four years, the design of Valentino's collections has been in the hands of Maria Grazia Chiuri and Pierpaolo Picciolo, who worked closely with Garavani until his retirement. Their dresses have been worn by, among others, Jennifer Aniston and Rachel Weisz. » | John Hooper in Rome | Thursday, July 12, 2012