MILAN — While sources indicate the door appears to be open for the right offer for Valentino, Paolo Colonna, president of Permira Associati SpA, reiterated Monday that the private equity fund is not planning to sell the brand at the moment — although he didn’t elaborate on a possible sale of the group’s stake in Proenza Schouler.
This story first appeared in the March 2, 2010 issue of WWD. Subscribe Today.
“Valentino has had its ups and downs, but we’ve turned a corner now,” Colonna told WWD, pointing to “great results” achieved with designs by Maria Grazia Chiuri and Pier Paolo Piccioli for the brand, with double-digit growth.
“Valentino has zero debt now and we want to wait four or five years to create value because we are in no rush to sell and we can wait for better times,” he continued.
Colonna conceded the fund was being “courted” by the financial world, but claimed he is “not even meeting with merchant banks.”
Permira and several members of the Marzotto family formed Red & Black Lux Sarl, which took control of Valentino in 2007. That year, it also took a 45 percent stake in Proenza Schouler, with the remaining 55 percent owned by the brand’s designers, Lazaro Hernandez and Jack McCollough, and their firm’s chief executive officer, Shirley Cook.