Kering has made moves to acquire a significant portion of Italian fashion label Valentino from Qatari investment fund Mayhoola. Image credit: ShutterstockThe results of French luxury conglomerate Kering’s first-half fiscal performance are now live.
“In the first half, we pursued our investments in our Houses’ desirability and exclusivity,” said François-Henri Pinault, chairman and CEO of“While engaging in critical forward-looking initiatives, we maintained a high level of profitability,” Mr. Pinault said. “We also took some decisive steps to expand our footprint in the luxury universe, notably with the acquisition of the famed Creed fragrance house to accelerate the liftoff of Kering Beauté.
Of note, the deal presents an option for outright ownership, creating a path for Kering to acquire 100 percent of Valentino by 2028.Upon closing with Mayhoola, Kering will own 30 percent of Valentino. Image credit: Valentino “I am impressed with the evolution of Valentino under Mayhoola ownership and very delighted that Mayhoola has chosen Kering as its partner for the development of Valentino, a unique Italian house that is synonymous with beauty and elegance,” said Mr. Pinault, in a statement.