The French luxury goods group Kering SA has acquired the Italian fashion house Valentino.
At the end of July, the company had already agreed with the Qatar-based investment company Mayhoola to acquire 30 percent of the shares in Valentino for a purchase price of 1.7 billion euros. The transaction has now been completed following approval by the relevant competition authorities, Kering announced on Thursday. Mayhoola continues to hold the remaining 70 percent of the shares. However, the French group has the option to take over Valentino completely by 2028 at the latest.
In addition to the Valentino deal, Kering and Mayhoola also agreed to a “broader partnership” in July. Both companies would now “examine potential joint opportunities that are in line with their respective growth strategies,” it said in a statement. Kering owns the fashion houses Gucci, Yves Saint Laurent and Bottega Veneta, among others. In addition to Valentino, Mayhoola also has the brands Balmain and Pal Zileri as well as the Turkish luxury department store chain Beymen in its portfolio.