In a joint statement with Mayhoola, currently the Roman fashion house’s main shareholder, Kering announced that it would not be acquiring Valentino before 2029. When it acquired 30% of Valentino’s capital in 2023, it was agreed that options to purchase 70% would be exercisable in 2026 and 2027. However, the group, which is about to be headed by Luca de Meo, is currently too indebted for such a schedule.
Kering will not finalize the purchase of Maison Valentino before 2029.
Although Kering’s new CEO will not officially take office until September 15, Luca de Meo‘s legacy is already beginning to take shape.
Priority to debt reduction
At the luxury group’s General Meeting on September 9, the former Renault boss announced that his arrival would be synonymous with “clear and strong choices”, while “the current situation” reinforced his “determination to act without delay.”
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Read also > Luca de Meo, Kering’s new CEO, promises clear and strong choices
Featured photo: © Valentino
