Valentino Happy About Sale, Not Happy About Previous Owners
It was confirmed on Thursday that Valentino was bought by the royal family of Qatar. Valentino Garavani himself, business partner Giancarlo Giammetti, and CEO Stefano Sassi were pleased with the sale, and had a lot of nice things to say about the situation. But Giammetti had nothing pleasant to say about previous owners Permira Funds.
Giametti tells Women’s Wear Daily that he and Garavani are “extremely happy and very relieved. This is a brilliant result obtained by an unquestionable prestige of the brand that we created, and equally to the work of the two designers and the CEO.” He continues to praise Sassi and creative directors Maria Grazia Chiuri and Pier Paolo Piccioli for creating “a work based on modesty, without the usual commotion such as presumption, scandals and stardom behavior…A lesson to the entire fashion world.”
But he wasn’t done yet! Giammetti openly criticized Permira, a privately owned investment group that bought Valentino in 2007:
“We wish for the Valentino company that it will be able to accomplish future projects with the resources and support that was lacking in recent years, as the company had to perform under a visionless ownership that was only interested in the bottom-line of a future sale.”
And while we’re on the topic of future projects, Valentino plans to invest $79.4 million into renovating current stores and opening new posts in 2012 and 2013. The company is also working to open 40 to 50 stores in new areas like Brazil, and is continuing to make its mark in China. So now you know.