Word: permira
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...trademark: la belle, la perfectly swell romance. This ethereal chic served the emperor and his clients well for ages; one journalist calls him "the only designer in the world who's managed to last 45 years." But not 46. Two years ago, at 75, Valentino was abruptly retired by Permira, the private equity group that had bought the company...
...value." Marzotto returns the compliment to his elder: "He's like an old lion. He's trying to roar, like this, but he has no voice." In fashion, as elsewhere, money talks; and by the end of the film Marzotto has cashed out, selling the firm to Permira for $1.1 billion...
...disaster in everything else." In his climactic show, which everyone seems to know is his last, his admirers shed tears as they congratulate him. Karl Lagerfeld, another king designer-dinosaur, tells Valentino, "Compared to this, the rest of us are making rags." Shortly after the show, Permira announces that the 35-year-old Alessandra Facchinetti will be the new couturier for the house of Valentino...
...Jochen Holy started to manufacture menswear under their grandfather's name. By 1985, Hugo Boss was listed on the German stock exchange, and today it is part of V.F.G. International N.V. (Valentino Fashion Group S.p.A., named for Valentino Garavani), which is majority-controlled by private-equity firm Permira...
...Still, don't assume private equity chiefs can't work fruitfully in the creative industries. Since Permira, another leading U.K. private equity firm, took a majority stake in ALL3MEDIA in 2006, the British TV production company has been performing well, says Rob Donaldson, head of private equity at consultants Baker Tilly in London. A bigger worry for EMI: the publicity generated by the shakeup pushes more artists to withhold their music. "It's difficult for artists to invest in a company going through such change," says one record industry exec. "Will the A&R man who believes...