Kering is zeroing in on a contract to make Francesca Bellettini, one of its most high-profile and accomplished executives, the next chief executive officer at Gucci, WWD has learned. According to multiple industry sources, Bellettini will succeed Stefano Cantino and Cantino will exit the Italian fashion house after only about nine months in the role, during which there has been significant change. More from WWD It is understood an announcement could come as early as this week. Officials at Gucci and Ker ...

Core Insights - The luxury market thrives on exclusivity, which enhances brand value and customer experience, making products like Hermès Birkin bags and prime retail spaces highly desirable [1][2] Group 1: Exclusivity in Luxury Brands - Luxury brands like Hermès and Rolex create desire through limited production runs and managed distribution, fostering a sense of exclusivity [2] - Hermès employs a strategy of artificial scarcity, limiting the availability of products to enhance their desirability, with customers often spending significant amounts on non-bag items to gain access to coveted products [3] - In the first half of 2025, Hermès reported consolidated revenue of €8 billion, an 8% increase at constant exchange rates compared to 2024, with recurring operating income at €3.3 billion, representing 41.4% of sales [4] Group 2: Real Estate Strategies - In commercial real estate, exclusivity and tenant mix are crucial for portfolio performance, with luxury brands viewed as investments that enhance visibility and foot traffic [5] - Landlords cluster anchor tenants and luxury brands to create demand for smaller stores, leveraging the presence of flagship brands to increase property value [6] - Simon Properties' Class A malls maintain occupancy rates around 96%, allowing for higher base rents and positioning access to prime locations as a key incentive [8] Group 3: Ownership Trends - Luxury brands are increasingly acquiring retail properties, with companies like Prada and Kering spending over $9 billion on high-profile locations, securing long-term access and control over the retail experience [9][10]

Core Viewpoint - Artemis, the holding company of the Pinault family, will not sell its 29% stake in Puma at the current market value and is not in negotiations for a deal, despite previous reports suggesting otherwise [1][2]. Stake and Market Activity - Artemis' stake in Puma is valued at approximately $960 million, and the company has received interest from various potential buyers, including private equity firms and industry peers, but is not currently negotiating any sales [1][2][5]. - Following the August 25 report about potential buyers, Puma shares surged by 15% but have since lost most of those gains [2]. Valuation and Market Performance - A source indicated that Artemis believes Puma is worth significantly more than its current market value, reflecting a strong belief in the brand's potential despite its recent struggles [3]. - Puma's shares have decreased over 60% in value over the past two years due to a loss of market share and challenges in generating interest in new sneaker models [3]. Future Outlook - While Puma may not remain in Artemis' portfolio indefinitely, the timing for a sale is not considered right at present [4]. - The newly appointed CEO of Puma, Arthur Hoeld, has the full confidence of Artemis, and the company does not face any debt maturities in the near term that would necessitate asset sales [6].

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]

Kering is getting more time to exercise an option to buy the rest of fashion house Valentino, as the French group focuses on reducing its debt levels https://t.co/9DjzTyvAMC ...

Core Insights - Kering and Mayhoola have agreed that the ownership structure of Valentino will remain unchanged until at least 2028, reflecting a strategic partnership aimed at supporting Valentino's long-term success [1][4]. Ownership Structure - The amendment to the shareholders' agreement follows Kering's acquisition of a 30% stake in Valentino for 1.7 billion euros in 2023, as part of a strategic partnership with Mayhoola [2][3]. - Kering had the option to acquire 100% of Valentino by 2028, while Mayhoola could become a shareholder in Kering, with the final purchase price dependent on Valentino's performance [3]. Financial Implications - The postponement of Mayhoola's put options for its remaining 70% stake in Valentino to 2028 and 2029 allows Kering to defer additional debt, which is crucial given Kering's net debt increase from 200 million euros in 2021 to approximately 10.5 billion euros by the end of 2024 [5]. - Kering will need up to 3.4 billion euros in cash to acquire the remaining stake in Valentino [5]. Valentino's Performance - Valentino's revenues for 2024 decreased by 3% to 1.31 billion euros, with a 2% decline at constant exchange rates. However, direct retail, including e-commerce, improved by 5% and accounted for 70% of revenues [6]. - The brand has been reducing its wholesale channel by about 20% in 2024, a strategy that is expected to continue into 2025, potentially leading to double-digit revenue declines for the year [7].

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]

Core Viewpoint - Kering will not fully acquire Italian fashion house Valentino until at least 2028, marking a significant decision under the leadership of new CEO Luca de Meo [1] Company Summary - Kering's decision to delay the full acquisition of Valentino indicates a strategic approach to its investment and growth plans in the luxury fashion sector [1] Industry Summary - The luxury fashion industry is witnessing shifts in acquisition strategies, with companies like Kering reassessing their timelines for major investments [1]

Press release - Amendment to the Valentino shareholders' agreement - September 10, 2025 PRESS RELEASE September 10, 2025 AMENDMENT TO THE VALENTINO SHAREHOLDERS’ AGREEMENT Kering and Mayhoola jointly announce that they have agreed to amend their shareholders’ agreement (initially concluded at the time of Kering’s acquisition of a 30% stake in Valentino in 2023) and more specifically the framework of the evolution of Valentino’s shareholding. According to this amendment, the current ownership struct ...

Market Overview - France's CAC 40 index opened modestly higher, reaching a peak of 7,823.34 before settling at 7,778.94, up 29.55 points or 0.38% [2] - The market sentiment remains steady following the appointment of Sébastien Lecornu as the new Prime Minister of France and optimism regarding a potential larger interest rate cut by the Federal Reserve [1] Company Performance - Thales shares increased by more than 3.5% [3] - EssilorLuxottica saw a rise of nearly 3% [3] - Schneider Electric gained 2.2% [3] - Legrand's stock was up nearly 2% [3] - Other companies such as ArcelorMittal, Bouygues, Credit Agricole, Airbus, and Societe Generale experienced gains between 1% to 1.5% [3] - Dassault Systemes, AXA, Vinci, Safran, Vivendi, and Veolia Environment also reported modest gains [3] - Pernod Ricard's stock declined by about 2.5% [3] - Accor, STMicroElectronics, Teleperformance, and Carrefour saw declines between 1.2% to 2% [3] - Kering, Stellantis, Edenred, and L'Oreal also faced notable decreases [3]