Kering delays full Valentino acquisition to 2028 amid debt concerns

Group 1 - Kering will not fully acquire Italian fashion brand Valentino until at least 2028, marking a significant decision under new CEO Luca de Meo [1][2] - The delay in the acquisition is part of Kering's strategy to manage its substantial debt of 9.5 billion euros ($11.13 billion) [2][5] - The current ownership structure of Valentino will remain unchanged until at least 2028, with options for Kering to acquire the remaining 70% stake postponed to 2028 and 2029 [3] Group 2 - The full acquisition of Valentino was initially estimated to cost Kering around 4 billion euros, but this figure may vary based on the brand's performance [4] - Valentino's revenue declined by 2% to 1.3 billion euros, and its core earnings (EBITDA) fell by 22% to 246 million euros last year [5] - CEO de Meo emphasized the need to reduce debt and costs, and to rationalize and reorganize some brands, indicating a challenging path ahead [6]