Briatore steps back from luxury empire to focus on Alpine

Flavio Briatore is stepping back from the management of his luxury restaurant and nightclub business, including the Billionaire and Crazy Pizza brands, so he can devote more time to rebuilding Alpine's Formula 1 team. He has agreed to move the hospitality brands 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.

Briatore said the transaction would allow him to dedicate even more time to his role as head of Team Alpine, while continuing to monitor the brands he has supported.