Valentino Fashion Group

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The Valentino Fashion Group (VFG) SpA until 2005 Italfashion SpA , was an Italian fashion company based in Milan , which after the takeover by the possession of the 2012 ruling family of Qatar located Beteiligungsgesellschaft Mayhoola for Investments was dissolved. The fashion brand Valentino and the licensed brand M Missoni were among the best-known brands of the group . Until the end of 2009, the fashion brand Hugo Boss and until 2012 the licensed fashion brand Marlboro MCS Classics belonged to the VFG portfolio . Mayhoola retained Valentino SpA and returned the license for M Missoni to brand owner Missoni in mid-2016 for the 2018 season.

Companies

The Valentino Fashion Group was established as a holding company in 2005, after the Italian textile company Marzotto was split up into a textile and a fashion division, and was listed on the Milan stock exchange in the same year . The Marzotto Group was founded by Luigi Marzotto (1773–1869) in 1836 as the Lanificio Luigi Marzotto & Figli textile factory in Valdagno ( Vicenza province ). Over the years Marzotto had acquired various brands , including the Valentino fashion brand in 2002 . The entrepreneur's son and former manager at Gianfranco Ferré , Matteo Marzotto (* 1966), then became CEO of Valentino SpA and also headed the Valentino Fashion Group from 2005 to 2009.

Under the umbrella of the Valentino Fashion Group, the former Italfashion SpA of the Marzotto Group, there are, in addition to the designer brand Valentino (men and women), other own fashion labels such as Principe (men’s fashion), Portrait (men’s fashion), Oxon ( Men's fashion) and Lebole (men's fashion) as well as the licensed brands Marlboro Classics (men's and women's leisure fashion since 1984) and M Missoni (women's fashion since 1986). In 2007, VFG also invested 45% in the New York fashion brand Proenza Schouler (women's fashion) for a purchase price of $ 3.7 million . This stake was reduced to 5% in mid-2011 through a sale to a US investor group for an estimated $ 10 to 20 million.

Since the split in 2005, the textile division has become the independent Marzotto SpA . controlled to the next Marzotto even the brands Bassetti , Lane Rossi , Guabello , Linificio , Marlane and Tessuti di Sondrio include and subsidiaries of finance, leasing, service and real estate. The CEO of Marzotto SpA has been Sergio Tamborini since 2007; Matteo Marzotto is a member of the Board of Directors .

The Valentino Fashion Group generated net group sales of 1.963 billion euros in 2006, of which 1.495 billion came from the then subsidiary Hugo Boss , in which VFG held the majority share until 2009 (stake 55.28% with 88.02% voting rights). Marzotto had already taken over a majority stake in Hugo Boss AG in 1991, which was then taken over into the VFG portfolio in 2005 .

From mid-2007 to November 2007, the British investment company Permira gradually took over 98% of VFG's share capital from Marzotto. Permira had secured 90% of the voting rights in Hugo Boss through a separate share purchase. The total value of the transaction ( Valentino Fashion Group and Hugo Boss ) is stated by Permira at 5.343 billion euros. The VFG share was taken off the market as a result. At the end of 2007, fashion designer Valentino Garavani left Valentino SpA after Permira did not renew his contract. Matteo Marzotto's successor as VFG CEO was Stefano Sassi. Sassi had been Managing Director of Valentino SpA since 2006, succeeding Antonio Favrin.

At the end of 2009, the owner Permira spun off the Hugo Boss brand, which in 2008 had contributed 76% of sales and almost 90% of VFG's profits, from the group. Since then, Hugo Boss has belonged to the Luxembourg-based Permira fund Red & Black Lux S.à rl Holding , the parent company of the Valentino Fashion Group until 2012. Although Hugo Boss had been sold by Marzotto to Permira as part of VFG, Permira ordered Marzotto- Family members on the supervisory board of Hugo Boss, which sparked sales rumors, which were however denied. The Marzotto family owns approx. 22% of the Red & Black Holding; the rest is owned by Permira. As of 2012, Permira held 89% of the voting rights and 66% of Hugo Boss' share capital.

In 2011 the VFG Group reported a turnover of 322 million euros. The operating result quadrupled to EUR 22.2 million.

In July 2012, Permira and the Marzotto family announced the sale of the Valentino Fashion Group including the licensed brand M Missoni to the state-owned investment group Mayhoola for Investments from the emirate of Qatar . The purchase price was estimated at more than 600 million euros. The licensed brand MCS Classics and the Hugo Boss brand (through Red & Black Holding together with Marzotto) initially remained with Permira. MCS Classics was sold in 2013 by Permira to the British investment company Emerisque Brands , which in the same year also bought four sub-brands of the Moncler Group, and has since been trading as MCS Cavaliere Srl Permira parted with its Hugo Boss shares in early 2015 through sales on the stock market. Mayhoola dissolved the Valentino Fashion Group and since then has continued the Valentino brand in its own portfolio alongside other brands such as Pal Zileri (since 2012) and Balmain (since 2016).

Web links

Individual evidence

  1. ↑ Mayhoola: A Major Luxury Conglomerate in the Making thefashionlaw.com, March 15, 2017
  2. ↑ Economy: Valentino purchase perfect ( Memento from March 3, 2014 in the Internet Archive ), sueddeutsche.de, July 13, 2012
  3. ↑ Süddeutsche Zeitung: Head-to-head race for Valentino and Hugo Boss (May 15, 2007)
  4. ↑ Valentino Fashion Group: Immagine Advertising 2010 (last accessed: June 3, 2010)
  5. ↑ Permira: Permira Annual Review 2009 (p. 54) ( Memento of the original dated May 30, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. (accessed: March 23, 2012; PDF; 6.9 MB) @1@ 2Template: Webachiv / IABot / www.permira.com
  6. ↑ Textile industry: VFG outsources Hugo Boss (December 28, 2009)
  7. ↑ Financial Times Deutschland: Mysterious change of place at Hugo Boss ( Memento from April 17, 2010 in the Internet Archive ) (April 14, 2010)
  8. ↑ Reuters: Permira dismisses Hugo Boss takeover speculation (April 15, 2010)
  9. ↑ Permira sells Hugo Boss shares, but not all , fabeau.de, November 14, 2011
  10. ↑ a b Luxury label: Qatar buys Italian fashion house Valentino from Spiegel Online , July 12, 2012 (accessed July 12, 2012).
  11. ↑ Qatar buys Valentino - Permira is sticking to Hugo Boss , focus.de, July 12, 2012