Yesterday, WWD wrote that Valentino SpA and the M Missoni license had, in fact, been sold to a group called Mayhoola for Investments, "understood [to be] controlled by the royal family of Qatar," for a reported $700 million euros, or $858 million. At the time, neither Valentino himself, nor his longtime business partner Giancarlo Giammetti, commented on the deal, and they kept mum amid speculation earlier in the week, leaving the official statements to Stefano Sassi, CEO of the fashion house. Now, in an update to WWD's original article, Giammetti really lets loose (or as loose as he can in print), saying he and Valentino (the man) are "extremely happy and very relieved. This is a brilliant result obtained by an unquestionable prestige of the brand that we created," also praising the work of creative directors Maria Grazia Chiuri and Pier Paolo Piccioli.
Via: Valentino and Giancarlo Giammetti Are Extremely Happy About the Fashion Houses Sale to Mayhoola
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