Qatar's royal family is reportedly in talks to buy Italian fashion label Valentino. Sky News reported on Sunday that the Gulf state is close to finalising a deal to purchase the dressmaker to the stars from London-based private equity firm Permira. The report said the deal could be worth about £550m ($851m), adding that Permira had declined to comment. It added that Permira acquired a controlling stake in the publicly-listed German company Hugo Boss and 100 percent of the Italian business Valentino Fashion Group in 2007 for about £2.5bn. Qatar's royal family is reportedly in talks to buy Italian fashion label Valentino. Sky News reported on Sunday that the Gulf state is close to finalising a deal to purchase the dressmaker to the stars from London-based private equity firm Permira. The report said the deal could be worth about £550m ($851m), adding that Permira had declined to comment. It added that Permira acquired a controlling stake in the publicly-listed German company Hugo Boss and 100 percent of the Italian business Valentino Fashion Group in 2007 for about £2.5bn. If the deal goes ahead, it will be the latest high profile acquisition by Qatar. In April Qatar’s sovereign wealth fund has acquired a 5.2 percent stake in Tiffany, the US-based jewellery retailer. The Qatar Investment Authority also owns Harrods, the luxury London department store, a 17 percent stake in Volkswagen and a one percent stake in LVMH, the French luxury group which owns Louis Vuitton. Valentino has won creative acclaim in recent months and its celebrity fans include the likes of the actresses Nicole Kidman and Scarlett Johansson. Business.com

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