2023-07-27 18:46:19
By Le Figaro with AFP
Posted yesterday at 6:25 p.m., Updated yesterday at 6:46 p.m.
This agreement will be “for an amount of 1.7 billion euros”. SARAH MEYSSONNIER / REUTERS
This announcement is accompanied by an “option allowing Kering to acquire 100% of the Italian fashion house, no later than 2028”.
The luxury group Kering announced on Thursday the signing of an agreement to acquire a 30% stake in Valentino “for an amount of 1.7 billion euros”, with “an option allowing Kering to acquire 100% of the Italian fashion house, no later than 2028”. “The operation is part of a broader strategic partnership between Kering and the Qatari investment fund Mayhoola, owner of Valentino, which could lead to a possible entry of Mayhoola into the capital of Kering”adds the French group in a press release.
«I am impressed by the evolution of Valentino under the control of Mayhoola (…) I am very happy with this first step in our collaboration with Mayhoola for the growth of Valentino, and to continue the very beautiful trajectory of elevation of the brand that Jacopo Venturini will continue to lead“Said Kering CEO François-Henri Pinault, quoted in the press release. Managing Director of Mayhoola and President of Valentino, Rachid Mohamed Rachid, also quoted in the press release, said to himself “very pleased to welcome Kering as a strategic partner in view of the fashion house’s future developments”. “Under our guidance, Valentino has strengthened its foundations as a recognized luxury brand and we look forward to starting the next chapter with Kering”he adds.
Strengthen “the brand elevation strategy”
«This partnership will reinforce the brand elevation strategy implemented by the CEO of Valentino Jacopo Venturini, who, supported by its shareholder Mayhoola, has made it one of the most admired luxury houses in the world. world“, Estimates the Kering group in its press release. As part of this partnership, Kering and Mayhoola will study potential opportunities in line with their respective development strategies. The closing of the transaction is expected by the end of 2023, subject to its approval by the competent competition authorities.
The investment fund Mayhoola has in its portfolio, in addition to Valentino, the French luxury house Balmain and the Italian Pal Zileri. Mayhoola also owns the luxury Turkish department stores Beymen. Founded in Rome in 1960 by Valentino Garavani, Valentino is an internationally recognized Italian luxury house. Through its network of 211 stores in more than 25 countries, Valentino achieved in 2022 a turnover of 1.4 billion euros and a recurring gross operating profit of 350 million euros, according to the press release. .
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