We have our ear to the ground to hear whether Italian fashion house Valentino will have their debt lightened by one third later this week.
The Financial Times reported that Permira, the Marzotto family and other investors in Valentino are close to an agreement to pay €200m-€300m (AU $325m–AU $490m) to acquire €730m (AU $1.2b) of debt from Citigroup at a big discount to its face value.
We have been following the falling Valentino’s fortunes (see our July 3 article: The Valentino Fashion Group Is In A Financial Bind). So it will be interesting to see what happens. The involvement of the Marzotto family is of particular interest – we wonder if they are aiming to follow in the footsteps of the other 'big three' luxury goods groups, LVMH, PPR and Richemont?