2012 January 13
Is Valentino Fashion Group Up For Sale?
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(NEW YORK) Valentino Fashion Group is rumored to be up for grabs, according to Milan-based Il Mondo magazine, with a price tag that's still to be determined. Claims that the company is courting a buyer are "a fabrication and completely false," a VFG spokesperson told The Daily.
VFG counts Valentino, Valentino Garavani, Valentino Roma, RED Valentino, Hugo Boss, and M Missoni lines under its umbrella of companies. Permira, a U.K.-based private equity fund, owns over 75 percent of VFG, and the minority remainder is owned by the Marzotto family. Permira bought its way to majority control of VFG and Hugo Boss from the Marzotto clan in 2007. This past November, Permira and VFG sold 6.4 percent of its stakes in Hugo Boss, rustling up (quickly quelled) rumors of plans to sell off the brand completely. VFG maintains a minority stake in Proenza Schouler, after relinquishing most of its stakes in August 2011 to Andrew Rosen and a coterie of other investors.
A history of Valentino, in brief: The brand launched in 1959, a collaboration between designer Valentino Garavani and his business partner Giancarlo Giammetti. A decade later, Valentino opened its first eponymous shop in Milan. The Marzotto Group, a well-established textile house, acquired Valentino in 2002. Three years later, in 2005, the company's fashion properties were separated from the textile-focused Marzotto Group endeavors and VFG was officially founded. In 2007, around the time that Marzotto sold the Group to Permira, Garavani retired from the house to much fanfare. The brand is currently designed by Maria Grazia Chiuri and Pier Paolo Piccioli, who worked as accessory designers under Garavani.
Stay tuned for further developments.
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