Doha-based Mayhoola for Investments, the Qatari fund which acquired the Italian fashion house Valentino for €700m ($857.5m) this summer, is now looking to buy a stake in the rival label set up by Gianni Versace, it was reported.
Italian newspaper Il Messaggero claimed officials from Mayhoola for Investments had met with representatives from the Italian government and Italian business executives to discuss a possible deal.
It would be the latest high end luxury purchase by the Gulf state. In August, a company linked to Sheikha Mozah bint Nasser, the wife of the Emir of Qatar, was behind a £27m (US$43m) investment in luxury handbag and accessories manufacturer Anya Hindmarch. This deal was also led by Mayhoola for Investments (Qatar), reports claimed.
Sovereign wealth fund Qatar Holding also paid $2.3bn for the Knightsbridge department store Harrods in 2010 and also owns assets ranging from stakes in German sports car maker Porsche to shares in British bank Barclays.
Qatar Investment Authority also holds a 1 percent stake in French luxury-goods company LVMH Moet Hennessy Louis Vuitton.