Nov.13 (GMM) Flavio Briatore is stepping back from the management of his luxury restaurant and nightclub empire, saying the move will allow him to dedicate more time to rebuilding Alpine’s Formula 1 team.
The Italian businessman has agreed to transfer his hospitality brands, including Billionaire and Crazy Pizza, into a new investment venture with Luxembourg-based Merlyn Advisors, which has links to Qatar’s ruling family.
The new company is targeting investments of between 250 and 500 million euros in luxury lifestyle businesses.
According to Italian news agency ANSA, Briatore will retain a significant shareholding while handing over management responsibilities.
“I am proud to have created and grown iconic brands, including Twiga, Billionaire, and Crazy Pizza, which have redefined the concept of luxury dining worldwide,” Briatore said.
“This transaction will allow me to dedicate even more time to my commitment to Formula 1 as head of Team Alpine, while continuing to closely monitor the development of the brands I have always supported.”