Kering delays full acquisition of Italian fashion brand Valentino

Core Insights - Kering and Mayhoola have amended their shareholders' agreement regarding Kering's acquisition of a 30% stake in Valentino, maintaining the current ownership structure until at least 2028 [1][2] - The exercise dates for Mayhoola's put options on Kering for the remaining 70% stake in Valentino have been postponed to 2028 and 2029, while Kering's call option has also been deferred to 2029 [2] - Kering reported a revenue of €17.2 billion in 2024 and has a significant debt of €9.5 billion, which is a priority for new CEO Luca de Meo [3][5] Company Overview - Kering is a global luxury group with a portfolio that includes brands like Gucci, Saint Laurent, and Bottega Veneta, employing 47,000 people [3] - Mayhoola is a Qatari investment company focused on the luxury sector, owning brands such as Valentino and Balmain, and operates luxury department stores in Turkey [4] Financial Performance - Valentino's revenue in 2024 decreased by 2% to €1.3 billion, with earnings before interest, taxation, depreciation, and amortisation dropping 22% to €246 million [5]