Kering to acquire 30% stake in Valentino
French luxury group Kering is to acquire a 30% stake in Valentino from Qatar’s Mayhoola for €1.7 billion.
The agreement includes an option for Kering to acquire 100% of the share capital of Valentino no later than 2028.
The move forms part of a broader strategic partnership between Kering and Mayhoola, which could lead to Mayhoola becoming a shareholder in Kering.
François-Henri Pinault, chairman and chief executive of Kering, said: “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.”
Founded in Rome in 1960 by Valentino Garavani, Valentino has 211 directly operated stores in more than 25 countries and recorded revenues of €1.4 billion and recurring EBITDA of €350 million in 2022. The brand offers a range of ready-to-wear, leather goods and accessories.
The transaction is expected to close by end of 2023, subject to clearance by the relevant competition authorities.
Rachid Mohamed Rachid, chief executive of Mayhoola and chairman of Valentino, said: “Valentino is one of the ultimate Italian luxury authorities and we are very happy to welcome Kering as a strategic partner for the future development of the Maison de Couture.
“Under our stewardship, Valentino has strengthened its foundations as a highly desirable luxury brand and we will keep reinforcing the brand in the next chapter with Kering.”
Kering’s portfolio of brands includes Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ginori 1735 as well as Kering Eyewear and Kering Beauté.
