Qatar seeking an exit from Valentino

A decision on which bank will manage Valentino‘s initial public offering (IPO) in Milan is expected in January. Mayhoola for Investments, an investment vehicle with close ties to Sheikha Mozah, the second wife of Qatar’s former emir, has asked Rothschild to involve a number of banks in the listing, which could happen as soon as May, the sources said.

For Valentino it will mean a return to the Milan stock market having been bought out by private equity firm Permira in 2007. Valentino’s timetable will largely depend on market conditions, another source said, but Mayhoola will try to take advantage of the first available window in the second or third quarter of 2016.

Led by Chief Executive Stefano Sassi, Valentino expects to generate revenue of 1 billion euros ($1.09 billion) in 2016 with earnings before interest, tax, depreciation and amortisation (EBITDA) of close to 200 million euros, two of the sources said.

The sources said the Milan bourse remains the main marketplace for fashion firms and ruled out Mayhoola seeking a listing for Valentino in New York or in Hong Kong, where Italian rival Prada (1913.HK) was floated in 2011.

Valentino Fall Winter 2015 ad campaign