Valentino IPO No Closer

Valentino is not close to an IPO, according to a source close to the fashion house who has contradicted a recent report that stated its owner, the Qatari-based Mayhoola for Investments, had "invited banks to pitch for the advisory roles on a stock-market listing".

Rumours of an IPO first surfaced in October this year, when a source close to an apparent deal said that Mayhoola for Investments were considering selling "25 to 35 per cent of the business in a share sale as early as the first half of next year." At the time the company would only say, "The shareholders and management of Valentino confirm their total commitment to support and continue to grow the global presence of the brand."

The latest developement is not to say that a deal is off the cards, but indicates that it doesn't look to be first on the agenda come 2016. "No timing has been set and all these rumours are an element of disruption," the source said.