Qatar royal family said to be interested in Italian group Forall ( Pal Zileri)
today Nov 7, 2013
According to the Italian newspaper Il Sole 24 Ore, the ruling family of Qatar is vying to acquire Forall Confezioni, an Italian company specialized in menswear whose brands include the Pal Zileri menswear ready-to-wear line. The transaction would be handled through Mayhoola for Investments, a company owned by Qatar's royal family, which bought up Valentino Fashion Group for 700 million euros in July 2012.
The Forall group, whose annual sales total 150 million euros, was founded in 1970 in Quinto Vicentino near Vicenza in the Veneto region of Italy by Aronne Miola and Gianfranco Barizza together with other shareholders. The four founding families currently own a 65% stake, whereas 35% is held by Egyptian Arafa Holding, active in the textile industry and distribution.
Arafa Holding bought into the company in 2008 through a capital increase of 24 million euros. The agreement included an option for Arafa Holding to increase its stake to 100% full-ownership in the Italian group in five years time. According to Il Sole 24 Ore, this option has not been exercised and the group is now up for sale.
The Forall group declined to comment.
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