Karachi-Born Entrepreneur Buys Italian Fashion House

Born in Karachi, 42-year old Asim Abdullah made his fortune from hi-tech investments, notably the sale of his company Veo Systems, to Commerce One, the business-to-business internet marketplace. Last summer, the entrepreneur was spotted in Paris at Ungaro's fashion show, the first clue that the Silicon valley millionaire was to become a fashion sugar daddy. The luxury label, best known for its brightly hued floral designs, is being sold by Salvatore Ferragamo, the Italian footwear firm, for an undisclosed price. Ungaro's resident designer, Vincent Darre, will be dumped in favour of a designer with fresh vision, whose identity has not yet been decided on.