The rumors, as they so often are, have proven true: Valentino Fashion Group SpA has been sold to the royal family of Qatar for an undisclosed sum.

Mayhoola for Investments, an investment company controlled by the royal family of Qatar, has acquired VFG for -- sources in Milan claim -- around $858 million. The deal includes Valentino SpA and the M Missoni license business.

"Valentino has always been a brand of unique creativity and undisputed prestige," said a spokesperson for Mayhoola. "We are impressed by the work of the two creative directors, Maria Grazia Chiuri and Pier Paolo 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."

"We are delighted with this development," CEO Stefano Sassi added. "During the past few years, despite swings in the luxury markets, the company has operated with great intensity and remained focused on maximizing the potential of the Valentino brand. This effort should drive a 60 per cent increase in revenues from 2009 to 2012. Our new shareholder will help us to reach our full potential. I would like to take this opportunity to thank the Permira Funds and the Marzotto family for their industrial vision and the support that they have provided to management in implementing the first steps of our long term plan." [WWD (sub req'd), Vogue UK]