By Manuela Mesco
A Qatari investment fund is looking to buy a stake in the
Italian luxury fashion house Gianni Versace SpA, an Italian daily
reported Sunday.
Mayhoola for Investments S.P.C., an investment vehicle backed by
a major private investor group from Qatar, has recently met with
representatives from the Italian government and Italian corporate
world to discuss the deal, Italy's daily Il Messaggero said.
The plan would be to become a financial partner in the fashion
firm. According to Il Messaggero, Versace is now looking to go
public in about three years time.
This wouldn't be the first time that Mayhoola has expressed
interest in the Italian fashion world. In July, Mayhoola bought
luxury fashion brand Valentino. In that case, the purchase appeared
to be a personal project for the Qatar royal family, rather than
part of a wider investment strategy by the nation's
sovereign-wealth fund.
Qatar has used its wealth from oil and natural-gas exports to
buy assets all over the world, including London luxury store
Harrods and luxury hotels in France. Earlier this year, it emerged
that the Qatar Investment Authority had amassed just over a 1%
stake in French luxury-goods behemoth LVMH Moet Hennessy Luis
Vuitton (MC.FR, LVMUY).
Mayhoola could not be reached for comments on Sunday, while
Versace declined to comment.
Write to Manuela Mesco at manuela.mesco@dowjones.com
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