Kering buys 30% stake in Valentino and announces first half results
The owner of Gucci will buy a 30% stake in Valentino for 1,7 billion euros with an option to buy 100% of the capital of the Italian brand until 2028. Meanwhile, Kering's first-half results are disappointing, writes Worldfootwear.com.
Mayhoola, the current owner of Valentino, will remain the majority shareholder with 70% of the share capital and will continue to implement the brand's strategy under the leadership of its CEO Jacopo Venturini. The deal is also part of a broader strategic partnership between the two groups that could see Mayhoola become a shareholder in Kering. The deal is expected to close by the end of 2023.
“I am impressed with the development of Valentino under Mayhoola and am delighted that Mayhoola has chosen Kering as its partner to develop Valentino, a unique Italian house that is synonymous with beauty and elegance. I am delighted to take this first step in our partnership with Mayhoola to grow Valentino and continue a very serious brand strategic journey that will continue to be led by Jacopo Venturini,” commented François-Henri Pinault, Chairman and CEO of Kering.
Mayhoola CEO and Head of Valentino Rashid Mohamed Rashid stressed that "Valentino is one of the greatest authorities in Italian luxury" and that Mayhoola "is very pleased to welcome Kering as a strategic partner for the future development of Maison de Couture." “Under our leadership, Valentino has solidified its position as a highly desirable luxury brand and we will continue to strengthen this brand in the next chapter with Kering,” he concluded.
Meanwhile, the acquisition announcement came after Kering reported weaker first-half results compared to its peers. During this period, the luxury group's revenue reached 10,1 billion euros, reflecting a 2% increase compared to the 2022 reporting period. In addition, net profit attributable to the group fell from 2,04 billion euros in the first half of last year to 1,85 billion euros.
The financial performance of Gucci, Kering's flagship fashion house, is worrying. Sales of the home stalled somewhat in the first six months of the year, through June 30, at 5,1 billion euros, 1% less than forecast and 1% more than the same period in 2022. Bottega Veneta was also the worst performer in this stretch of time, with revenue of €833m, up 2% year-over-year.
Meanwhile, Yves Saint Laurent's first-half revenue rose 7% year-over-year to €1,6 billion.
The owner of Gucci will buy a 30% stake in Valentino for 1,7 billion euros with an option to buy 100% of the capital of the Italian brand until 2028. Meanwhile, Kering's results for the first half of the year are disappointing,…
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