Valentino Has Reportedly Been Sold For €600 Million Euro

Valentino Has Reportedly Been Sold For €600 Million Euro

The Italian fashion house was bought by private equity firm Permira five years ago. The company worked hard to improve Valentino’s finances and is now selling it to an investor.According to British newspaper The Telegraph, the sale will be worth €600 million.The buyer has not been identified yet, with the publication only saying it is a “sovereign wealth fund”.

Last year, Valentino’s sales had soared by 20 per cent when compare to 2010 and totalled €322.4 million. The before tax earnings had gone up 300 per cent to €22.2 million. At the time Permira bought the fashion house, things weren’t so good. The label’s namesake designer Valentino Garavani left which plunged the company into problems.

Designers Maria Grazia Chiuri and Pier Paolo Piccioli were brought in to try and open up the brand to a wider audience. The move worked well, with the pair’s forward-looking designs praised when they were presented at Paris Haute Couture Week this month.

Lulu Kennedy Sees Herself As A "Foster Mum" To Young Designers.

Lulu Kennedy Sees Herself As A "Foster Mum" To Young Designers

           Lulu Kennedy sees herself as a "foster mum" to young designers

The designer is renowned for honing talent - having been instrumental in the rise of designers including Roksanda Ilincic, Gareth Pugh and Jonathan Saunders - and advises all hopefuls to seek help and collaboration in their nascent careers.

She told The Guardian newspaper her best advice was: "Don't try to do everything by yourself."

Of the role her Fashion East company plays, she added: "I'm just a foster mum. The designers are with me for one or two seasons and then I let them go. I can't grant them wishes. They make things happen. They've got to put the work in."

Lulu - who describes her personality as a "bossy big sister" - also explained the way in which the non-profit Fashion East initiative can aid designers in launching their careers.

She added: "Yeah, they're all friends. Basically, what we do is select designers we believe in the most and who need some support and then we give them sponsorship, a show, advice and mentoring. We bring a good audience into the show and we give them a small bursary as well, which doesn't get very far. The equivalent would be a music industry showcase