Photo Courtesy of ValentinoIn recent fashion news, Mayhoola for Investments, a Qatari investment firm backed by a private investor group from the Middle Eastern monarchy, disclosed Thursday that it agreed to acquire Valentino Fashion Group SpA. The luxury designer brand had apparently been in trouble for some time. In 2007, Permira bought VFG with some members of the Marzotto family through Red & Black for about $3.55 billion. Mayhoola apparently closed the deal for 700 million euros, or about $858 million at current exchange rates. Valentino did not disclose the name of the investor behind Mayhoola, but it is understood that Mayhoola is controlled by the royal family of Qatar. Though the brand’s shareholders will take control of not only the brand, but also of the projects behind it, Stefano Sassi, Valentino’s chief executive officer, will remain at the helm of the company, along with the brand’s creative directors, Maria Grazia Chiuri and PIerpaolo Piccioli.