MILAN, Italy — The Qatari owners of Italy's Valentino Fashion Group SpA are exploring options including an initial public offering of the maker of $3,000 handbags, according to people with knowledge of the matter.

Investment firm Mayhoola For Investments SPC is working with Rothschild on the potential IPO, which may seek a valuation for Valentino of as much as 2 billion euros ($2.26 billion), the people said, asking not to be identified because the discussions are private.

Mayhoola may sell anywhere from 25 to 35 percent of the business in a share sale as early as the first half of next year, the people said. Deliberations are at a preliminary stage, and Mayhoola may also choose to keep the business, or sell it to a trade buyer, they said.

An official for Rothschild declined to comment. Representatives for Mayhoola and Valentino didn’t immediately respond to requests for comment.

Mayhoola bought Valentino from private-equity firm Permira Advisers in 2012 for about 700 million euros. The fashion house, established in 1960 by designer Valentino Garavani and his business partner Giancarlo Giammetti, showed its most recent collection at Paris Fashion Week on Tuesday, featuring models in beaded dresses and safari-print coats.

Selling a stake in Valentino would follow fashion acquisitions by Mayhoola this year. In April, the firm said it will purchase 30.7 percent of the Turkish distributor of luxury brands including Dolce & Gabbana and Christian Dior. It also owns a stake in U.K. handbag maker Anya Hindmarch Ltd.

By: Tommaso Ebhardt, Daniele Lepido, Manuel Baigorri, Dinesh Nair and Ruth David. Editors: Aaron Kirchfeld, Elizabeth Fournier and Matthew Boyle.