French luxury group Kering, which controls brands like Gucci o Yves Saint Laurentannounced today the acquisition of 30% of the Italian Valentino for 1,700 million euros by reaching an agreement with the investment fund Mayhoola.
The contract also includes an option for Kering to acquire the rest of the participation until 2028.
The transaction was made public by the French company coinciding with the presentation of its results for the first half of 2023, with 1,800 million euros of benefitswhich represents a drop of about 10% compared to the same period in 2022.
For Kering, his entry into the emblematic Italian brand responds to “a broader partnership strategy” with Mayhoola, based in Doha, which could mean the entry of this investment fund into François Pinault’s group, under conditions not yet known.
Valentino, founded in Rome in 1960, directly controls 211 stores in more than 24 countries and obtained in 2022 revenues of €1.4 billion and a gross operating result (Ebitda) of 350 million.