Valentino Sold?

VALENTINO has denied that it has been sold for almost half a billion pounds, but has confirmed that an interested buyer does have the option to make an offer on the company before the end of the month.

Reports at the weekend in the Telegraph that Permira - the company that bought Valentino for almost £2.7 billion five years ago and has returned the company to financial health, with earnings up 300 per cent over the last year - has sold the label to an "unidentified sovereign wealth fund", were rubbished by the company this morning.

"In reference to the latest rumours about a transaction on Valentino, the company firmly denies that a sale of its shares has happened," a spokesperson for the label told us today. "An exclusivity has been granted to one of the potential buyers, who expressed interest in the long-term potential of the brand, and it is expected to expire during the month of July."

The label's founder and eponymous designer Valentino Garavani retired in 2007 - the same year that the label was sold to Permira - and was replaced by design duo Maria Grazia Chiuri and Pier Paolo Piccioli who have largely been credited for its renaissance.
As previously stated, Valentino has seen increasing interest from a number of potential buyers," Stefano Sassi, CEO of Valentino Fashion Group and Valentino, added. "The outstanding work and stylistic vision of creative directors Maria Grazia Chiuri and Pierpaolo Piccioli and the constant growth of company's results have generated great attention towards the brand."