Kering gets an extra year to take over the remaining 70 % of Valentino. This appears to be a compromise with co-owner Mayhoola, as in July it seemed like the French luxury giant wanted out of the purchase option.
Striking turn
In 2023, Kering bought 30 % of the Valentino brand, with an option to take over the remaining 70 % (still owned by Qatari fund Mayhoola) by 2028. A year is now added to that deadline: Kering gets until 2029 to exercise the purchase option, according to a statement that FashionNetwork was able to see.
The statement comes as a surprise, as only in July Kering still seemed to be pushing for a sale of Valentino to a yet-to-be-found third party. Kering is struggling with a mountain of debt, which still rose further to 10.5 billion euros last year.
Kering wanted to buy Valentino to reduce its dependence on Gucci: Kering’s flagship brand is at the same time its Achilles heel. The brand seems increasingly unpopular: in the first quarter of this year, sales fell 24 %.
