Italian fashion house Valentino has been bought by Qatari royal family for 700 million Euros or ($857 million).

Valentino fashion house has been purchased by Mayhoola investment group. 

Valentino SpA is a clothing company founded in 1959 by Valentino Garavani, known for high-end, ready-to-wear men's, women's fashion clothing, fragrances and accessories. The company is headquartered in Milan and was previously owned by Marzotto Apparel which bought the house for $210 million in 2002.

Valentino includes a list of fashion brands bought by foreign investors due to Europe and Italy's financial recession.

YSL in collaboration with Facebook release limited edition Eye Shadow collection to expand into social media.

The Eye Shadow Palette inspired by Facebook is called "Pure Chromatics Devoted To Fans." The packaging and color are all created with the input of YSL Facebook fans.

There will only be 1,650 palette produced and will be available July 19th only on YSL's Facebook page, according to Kiss and Makeup.

Jennifer Lopez invest in high fashion luxury tee shirt company ""

The singer, actress joins fashion guru Erica Zoharand, Jeff Marine and tech gurus Brian Lee and MJ Eng in their luxury fashion tee shirt site 'Teeology'.

The Teeology site will provide limited edition high-end luxury tee's from various designers for only the site members. The fashion tee's are expected to be priced around $29.00.