The Qatari investment fund, Mayhoola for Investments, has taken over Italian menswear label Pal Zileri through the acquisition of 100 percent of its parent, Forall Confezioni, WWD reports.
Mayhoola, which is the Qatari royal family’s investment fund, first took a majority stake of 65 percent in the Italian menswear manufacturer in 2014. Egyptian group Arafa Holding owned the remaining 35 percent. It is not known for how much Mayhoola has paid for the remaining stake.
The company said that, as a result of the acquisition, CEO Paolo Roviera and general merchandising manger Stefano Gaudioso Tramonte would quit the company. The appointment of a new CEO would be made in September, it said.
Pal Zileri was founded in 1970 by Quinto Vicentino. The brand’s former owners, a group of Italian investors - and the aforementioned Arafa Holding - sold their stake to Mayhoola in 2014. Roviera was brought on board to restructure the company and double market share within five years, while Mauro Ravizza Krieger was hired to design the collection, with his first collection debuting in January 2015. Last year, the company generated revenues of 80 million euros.