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SOLD!

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Today in rich people buying expensive things, an investment company backed by the royal family of Qatar did go ahead and snag Valentino, as was rumored earlier this week. Some other fun facts are that the new owner's company name is Mayhoola and its spokesperson said, "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." Maybe he doesn't remember those Valentino Town Cars from the '80s? [Vogue UK]