Valentino Fashion Group includes well-known brands such as Marlboro Classics, Valentino SpA Hugo Boss, Oxon and Missoni among other.

This acquisition marks the latest purchase of a European luxury chain by a Middle East entity, highlighting the appetite for luxury and high-end fashion goods in the region.

The Qatari royal family also owns Harrods, the upmarket department store in Knightsbridge, London.

Valentino did not disclose the financial terms of the transactions or the name the investor. But sources close to the deal told Reuters that the Qatari royal family had bought the fashion brand.

The sale highlights the economic uncertainties in European countries including Italy. Previously in 2011, fashion house Gianfranco Ferre was acquired by Dubai retailer Paris Group for about £8m and in 2010, Hong Kong-based menswear retailer Trinity Ltd. bought Italian menswear brand Cerruti for €53m (£41.6m).

Permira, the seller of Valentino has owned the fashion brand since 2007 after it acquired the German luxury fashion brand Hugo Boss.

Valentino fashion brand was founded in 1960 by Italian fashion designer Valentino Garavani.