Kering, Mayhoola Reportedly Consider Valentino Sale Amid Debt Pressure
Kering, Mayhoola Reportedly Consider Valentino Sale Amid Debt Pressure

Kering, Mayhoola Reportedly Consider Valentino Sale Amid Debt Pressure

News summary

Reports surfaced that Kering and Qatar-based investment fund Mayhoola are considering selling their jointly owned Italian fashion house Valentino amid Kering's broader portfolio review prompted by rising debt and a global luxury market slowdown. Kering acquired a 30% stake in Valentino in 2023 for $1.7 billion, with plans to buy the remaining 70% by 2028, aiming to establish Valentino as a second flagship brand alongside Gucci. Valentino faced a 2% revenue decline last year and challenges following the recent appointment of Alessandro Michele as creative director, coupled with the CEO Jacopo Venturini being on medical leave. However, Mayhoola's CEO publicly denied the reports of a potential sale, calling the news untrue, while Kering declined to comment. The situation remains uncertain as Kering's new CEO Luca de Meo, starting mid-September, is expected to review the business strategy. Market pressures and Valentino's mixed financial performance highlight the complexities facing luxury conglomerates in maintaining and growing their high-end portfolios.

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Last Updated
15 days ago
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