Permira has sold Valentino Fashion Group (VFG) to Mayhoola for Investments, a vehicle backed by a Qatari investment group. The deal is reported to be worth around €600m.
The deal sees Mayhoola taking on Valentino as well as the Missoni licence business, while MCS Marlboro Classics is to be carved out and will remain under the ownership of Red & Black.
Permria acquired VFG alongside the Marzotto family through its acquisition vehicle Red & Black in 2007, as part of a wider deal that included Hugo Boss.
The deal comes at a crucial time for Permira as it works towards a €6bn fundraising target. However, yesterday it was reported that the firm has scrapped a dividend recapitalisation that would have seen €500m worth of fresh debt injected into other portfolio company Iglo Group.