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

Harrods Department Store Sold



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Qatari Royal Family Buys Harrods
Fayed invested £400m in Harrods, which was founded in 1840. Photo: Times Online
TIMES ONLINE: Harrods, the world famous department store, has been sold for more than £1.5bn to the Qatari royal family, Times Online can confirm.

Mohamed al-Fayed, the Egyptian owner of the London landmark, has decided to retire and will hand over the reins to Qatar Holding.

The firm was chosen because they would "maintain the traditions of Harrods", said Ken Costa, chairman of Lazard International - the investment bank advising the family trust on the deal.

Fayed received advances from Gulf-based suitors in the last two months, but initially offered them “two fingers” in a vehement refusal.

“People approach us from Kuwait, Saudi Arabia, Qatar. Fair enough, but I put two fingers up to them all,” Fayed said last month.

“It is not for sale. This is not Marks & Spencer or Sainsbury. It is a special place that gives people pleasure. There is only one Mecca.”

But today Costa confirmed that the owner of Fulham football club has changed his mind. Harrods sold to Qatar Holdings for £1.5bn as Mohamed al-Fayed retires >>> Martina Lees | Saturday, May 08, 2010