Italian luxury label Valentino has been sold to the royal family of Qatar for an estimated $858 million

"Valentino has always been a brand of unique creativity and undisputed prestige," said a Mayhoola spokesperson in a release.

"Our vision is to back management for the long term to exploit the full potential of this exciting brand. We believe Valentino is ideally suited to form the basis for a global luxury goods powerhouse."

Meanwhile, Valentino chief executive officer Stefano Sassi added the new investors will help the brand "reach its full potential."

As well as acquiring Valentino, the Qatar group also reportedly picked up the M Missoni license, while the Qatar Luxury Group, owned by the Qatar Foundation, acquired French leather goods company Le Tanneur last year.

Sheikha Mozah bint Nasser Al Missned, the glamorous wife of Qatar's Emir Sheikh Hamad bin Khalifa Al Thani, was behind the creation of the Qatar Luxury Group in 2008, and is considered to be one of the world's biggest couture collectors.

Rumors had been swirling around for days, but on July 12 it was confirmed that Italian luxury label Valentino has been sold to the royal family of Qatar for an estimated $858 million.

Mayhoola, an investment group controlled by Qatar's royal family, explained its vision for the fashion house -- which was founded in 1959 by namesake Valentino Garavani and is famed for its ultra feminine frocks.