Fashion
Gucci Owner Kering to Buy 30% of Valentino for €1.7 Billion
- French company has seen growth sputter at biggest brand Gucci
- Sales at rival Hermes soared on strong demand in US, China
Photographer: Joseph Eid/AFP/Getty Images
Kering SA agreed to buy a 30% stake in fashion house Valentino for €1.7 billion ($1.87 billion) in cash as growth at Gucci, its biggest brand, continues to sputter.
The French company has the option to purchase the rest of Valentino from its owner, Qatar’s Mayhoola, before the end of 2028. The deal, coming just weeks after Kering bought high-end perfumer Creed, could lead to Mayhoola taking a stake in the luxury group.