The Valentino Fashion Group (VFG) has been acquired by Mayhoola for Investments, an investment vehicle backed by a group of private investors from Qatar, for a reputed 700 million euros (853 million dollars). The amount has not been confirmed, Women’s Wear Daily reports. It is believed that the royal family of Qatar manages Mayhoola.

With the acquisition of VFG, Mayhoola has taken ownership of the Valentino and M Missoni licensed business, while MCS Marlboro Classics continues under private equity group Permira’s control. Permira also retains a majority stake in Hugo Boss, which takes no part in the deal with Mayhoola.

“Valentino has always been a brand of unique creativity and undisputed prestige. We are impressed by the work of the two Creative Directors, Maria Grazia Chiuri and Pierpaolo Piccioli, and by the management team led by Stefano Sassi. Their ability to blend the aesthetic values of the founder, Valentino Garavani, with a contemporary and sophisticated vision, has been instrumental in enhancing the brand’s relevance and establishing a platform with significant future potential. Our vision is to back management for the long term to exploit the full potential of this exciting brand. We believe Valentino is ideally suited to form the basis for a global luxury goods powerhouse,” said a spokesperson for Mayhoola.

Valentino ended the first half year of 2012 with revenues of 186 million euros, an increase of 23 percent compared with the same period one year ago.