Paris, September 12 (Patrika English News): French luxury group Kering has delayed its plans to fully acquire Italian fashion house Valentino, following an amended shareholders’ agreement with Qatari investment firm Mayhoola.
Kering purchased a 30% stake in Valentino in 2023, with options to acquire the remaining 70%. Under the revised terms, Mayhoola’s put options for selling its stake, initially exercisable in 2026 and 2027, have been deferred to 2028 and 2029. Kering’s own call option has also been postponed from 2028 to 2029. The current ownership structure will now remain unchanged until at least 2028.
The deal adjustment comes as Kering faces financial pressure, with its €9.5bn debt reduction identified as a top priority by new CEO Luca de Meo. In 2024, the group reported €17.2bn in revenue and employs around 47,000 people across its portfolio, which includes Gucci, Saint Laurent, Balenciaga, Bottega Veneta and McQueen.
Valentino, meanwhile, saw its 2024 revenue decline 2% to €1.3bn, with earnings before interest, taxes, depreciation and amortisation (EBITDA) down 22% to €246m. Riccardo Bellini has recently been appointed CEO of the Italian couture house.
Mayhoola, which controls Valentino, also owns stakes in Balmain, Pal Zileri and Turkish luxury retailer Beymen.