Qatar Luxury Group to launch first boutique
Doha, July 25, 2013
Qatar Luxury Group will launch the first boutique for its luxury brand Qela in Doha in late September, selling leather goods, shoes, jewellery and made-to-measure clothing designed with Qatari heritage in mind.
Qela hired French haute couture designer Stephane Rolland to help create the brand, a company statement said on Thursday.
It will be followed by a unit in Paris in coming months. An opening in New York is also being considered, a spokeswoman said.
Qatar Luxury Group, owned by the Qatar Foundation and headed by former LVMH executive Gregory Couillard, made its first acquisition by buying an 85.7 percent stake in the Paris-listed leather goods company Le Tanneur et Cie last year.
Qatar's sovereign wealth fund has been one of the world's most active investors with assets ranging from stakes in German sports car maker Porsche to shares in British bank Barclays.
It bought the London department store Harrods in 2010 from Egyptian-born businessman Mohamed al-Fayed in a deal reported to be worth around 1.5 billion pounds.
In July last year the fund the announced plans to take the Harrods brand global to cities such as Paris and New York.
It also bought a 1.03 percent stake in luxury conglomerate LVMH.
The Qatari royal family bought Italian fashion house Valentino last year in a deal reportedly worth 700 million euros ($857.5 million). – Reuters
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