Valentino's North American tax troubles
Valentino's US subsidiary has been under audit by the Internal Revenue Service (IRS) for more than a year.
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Actively backed by Sheikha Moza, the Emir of Qatar's mother, the Mayhoola for Investments fund is known for highly aggressive methods at odds with the hushed world of fashion. For four years, Mayhoola has been waging a legal campaign against the Taiwanese businesswoman Shaw-Lan Wang, accusing her of breaking a promise to sell it Lanvin.
Overshadowed by the many events organised by Qatar during the football World Cup, Saudi authorities are trying to make up for lost time in the luxury sector, slated to be one of Saudi Arabia's main drivers of development alongside tourism.
Egyptian former trade minister Rachid Mohamed Rachid is chairman of the Mayhoola fund, which owns Valentino and Balmain. His family office, Alsara Investment Group, is also a shareholder in several Middle Eastern luxury houses. Managing all his investments via offshore structures guarantees him optimal discretion.