Singapore fund buys Italian luxury clubs brand
ROME (AFP) - Singapore's Bay Capital investment group has bought a majority stake in Italian nightclubs and resorts group Billionaire with plans to target Asia's new elites in particular.
Bay Capital "acquired the majority of the leisure and entertainment unit of the Billionaire brand" from Italian tycoon Flavio Briatore, a close friend of former prime minister Silvio Berlusconi, the two companies said in a statement on Tuesday.
The existing resorts for the rich and famous - often the backdrop to paparazzi photos - are located in popular Mediterranean spots like the Italian island of Sardinia, Bodrum in southwest Turkey and Monte Carlo in Monaco.
Plans are also under way to open "Billionaire Clubs" in Dubai and Singapore.