Luxury group Kering is to acquire a 30% stake in Valentino from Mayhoola for €1.7 billion.
The agreement includes an option for Kering to acquire 100% of the share capital of Valentino no later than 2028.
The move forms part of a broader strategic partnership between Kering and Mayhoola, which could lead to Mayhoola becoming a shareholder in Kering.
Founded in Rome in 1960 by Valentino Garavani, Valentino has 211 directly operated stores in more than 25 countries and recorded revenues of €1.4 billion and recurring EBITDA of €350 million in 2022. The brand offers a range of ready-to-wear, leather goods and accessories.
The transaction is expected to close by end of 2023, subject to clearance by the relevant competition authorities.
