What Kering actually transferred to Valentino
's timeline for the Valentino acquisition has just been pushed back several years. However, this is neither a cancellation of the merger nor, strictly speaking, a simple "postponement of the acquisition to 2028." The arrangement is more nuanced.
Kering already owns 30% of Valentino's capital, a stake acquired for €1.7 billion. Mayhoola retains the remaining 70%. In September 2025, the two shareholders amended their agreement to ensure this capital structure remains unchanged until at least 2028.At the same time, the option allowing Kering to buy back Mayhoola's stake, previously scheduled for 2028, was postponed to 2029.
This nuance changes the strategic interpretation of the situation. Kering is not giving up on Valentino. The French group is simply allowing itself more time, as its own portfolio undergoes a period of transformation and theglobal luxury has entered a much more selective cycle.
To understand the transaction, we need to go back to July 27, 2023.Kering and Mayhoola announced a strategic partnership centered on Valentino. The French group committed to acquiring 30% of the Italian fashion house for €1.7 billion in cash. The transaction was finalized on November 30, 2023, after obtaining the necessary competition approvals. Valentino then became an equity-accounted investment in Kering's financial statements.
The initial agreement primarily included a mechanism allowing for a more significant restructuring of the company's capital in the future. Kering held an option to acquire all of Valentino by 2028 at the latest.
Two years later, this timetable was revised. The amendment announced on September 10, 2025, postponed the put options that Mayhoola held on its remaining 70% stake. Those that could initially be exercised in 2026 and 2027 will now be exercised in 2028 and 2029, respectively .
In parallel, the call option held by Kering is postponed from 2028 to 2029.The other contractual provisions remain unchanged.
In other words, 2028 is not the new official date for Kering's acquisition of Valentino. It is the first timeframe within which the capital structure could evolve.
Why did Kering and Mayhoola postpone the schedule?
The joint statement remains deliberately understated: Kering and Mayhoola do not give a specific financial reason justifying the change of schedule.
It would therefore be excessive to claim that the postponement stems solely from Valentino's results or from any particular difficulty in financing the operation. The context, however, helps to explain why greater flexibility has genuine strategic value.
Kering has been undergoing a profound transformation for several years. In 2025, the group generated €14.7 billion in revenue, down 10% on a like-for-like basis. Its current operating income stood at €1.63 billion and its net financial debt at €8 billion at the end of the fiscal year.
This situation mechanically pushes the group to more strictly arbitrate its capital allocation, its investments, its network of boutiques and the resources allocated to each of its Maisons.
Postponing the deadlines concerning Valentino therefore gives Kering what is particularly valuable in a turnaround phase: time and financial flexibility.
Gucci remains at the heart of the Kering equation
It's impossible to analyze Valentino without looking at Gucci, the flagship brand in Kering's portfolio and its historical main driver of profitability. In 2025, Gucci generated approximately €6 billion in revenue, a 19% decrease on a like-for-like basis. Its current operating income reached €966 million. However, the brand showed a gradual improvement at the end of the year.
For Kering, the immediate challenge is therefore less about multiplying large capital transactions than about restoring the desirability, growth and profitability of its strategic assets.
The group formalized this ambition on April 16, 2026, with its ReconKering, presented at the Capital Markets Day in Florence. The roadmap notably emphasizes a clearer brand vision, operational excellence, faster execution, and more disciplined resource management.
The shift in Valentino's schedule seems consistent with this philosophy: first consolidate the group's foundation before embarking on a potentially significant new capital stage.
Valentino, however, remains a major strategic asset
The change of calendar does not diminish Valentino's symbolic power. Founded in Rome in 1960 by Valentino Garavani, the House occupies a unique position in Italian luxury. Its identity rests on Haute Couture, ready-to-wear, accessories, leather goods, and an immediately recognizable aesthetic heritage. For Kering, Valentino offers several complementary strengths.
The House first brings a couture legitimacy distinct from that of Gucci, Saint Laurent, Bottega Veneta, or Balenciaga. It then strengthens the group's exposure to Italian luxury, with a particularly powerful brand equity among international clientele.
Finally, Valentino still has significant potential in categories likely to expand its economic reach: leather goods, accessories, eyewear, retail, digital and clienteling.
The partnership between the two groups has not been frozen by the postponement of the schedule. In the first quarter of 2026, Kering Eyewear notably launched the first Valentino eyewear collection developed by its teams, a sign that operational synergies can progress independently of the capital structure.
Valentino is also entering a new creative and managerial cycle
This period of financial uncertainty coincides with an internal transformation at Valentino. Alessandro Michele has taken over as creative director of the House, with responsibility for the women's and men's collections, accessories, and Haute Couture. His arrival opens a new creative language for a brand whose challenge lies in creating a dialogue between Roman heritage, couture, and contemporary desire.
From a managerial perspective, Riccardo Bellini has been leading Valentino since September 1, 2025.The House itself presents his appointment as the beginning of a new stage in its development.
This combination is important. In the luxury sector, a creative transition almost never has an immediate impact on the bottom line. Collections must be designed, produced, installed in stores, merchandising refreshed, communication nurtured, new signature products developed, and the customer allowed to adopt the new codes.
Maintaining the shareholding structure until 2028 thus offers Valentino a relatively long period to make its repositioning more legible.
Why is 2028 becoming a strategic deadline for Valentino?
The period leading up to 2028 may be more important than the date itself. Valentino must first strengthen the coherence between its couture offering and its retail categories. Haute Couture creates the image and nurtures the cultural capital of a fashion house, but the economic growth of a major global player also relies on categories capable of generating more consistent sales volumes: bags, shoes, accessories, eyewear, and ready-to-wear.
The second priority concerns distribution. The new luxury market increasingly favors growth where the quality of sales, inventory management, and exclusivity matter more than simply multiplying points of sale. Each boutique must become a customer relationship tool as much as a transaction channel.
The third battle will be fought in customer knowledge. CRM, clienteling, e-commerce and personalization allow brands to better serve their best buyers, reduce their dependence on advertising acquisition and transform cultural awareness into commercial loyalty.
Finally, Valentino will have to continue to preserve what makes the brand difficult to replace: its know-how, the strength of the silhouette, the work with color, the tailoring and its Italian identity.
In the luxury sector, the goal is no longer simply to be visible. One must be desirable, identifiable, and unique enough to justify the price.
The Valentino postponement also reflects the new cycle of the luxury market
The environment in which the 2023 agreement was negotiated is no longer exactly the same as in 2026. After several years of spectacular growth, the global luxury market has become more heterogeneous. Behaviors differ significantly across regions, income levels, and product categories.
The most aspirational consumers are more sensitive to inflation and the accumulated price increases in the sector. Very high-income customers remain strategic, but in return expect impeccable quality, a more personalized experience, and sufficiently distinctive products.
The geography of luxury is also evolving. China remains essential but is no longer the sole driver to which groups can entrust their future growth. Japan, South Korea, the Middle East, North America, and major tourist flows necessitate a more precise allocation of collections and investments.
In this environment, simply owning more brands is not enough. Groups must know how to allocate their capital, focus their efforts, and develop each brand without diluting its identity.
Sustainability and innovation: issues now linked to profitability
The change of cycle also relates to how Kering envisions the transformation of its model.
At its Capital Markets Day 2026, the group reaffirmed the efficient use of resources, expertise, and materials innovation as key priorities in its sustainable development strategy. Kering is specifically aiming for production to be more aligned with sales and for better leveraging innovations that reduce environmental impact while creating value.
This development is strategic.
For a long time, sustainability and financial performance were presented as two parallel issues. They now converge around very operational challenges: better anticipating demand, reducing excess inventory, improving traceability, selecting materials, enhancing repairability, and preserving expertise. For Valentino, as for the other Maisons in the portfolio, these issues directly impact the product and its perceived value.
Could Kering ultimately abandon its plans to acquire the remaining 70%?
The scenario cannot be entirely ruled out in the very long term, since an option is precisely a contractual mechanism and not the announcement of an acquisition that has already been completed. But that is not the message conveyed by the two shareholders.
During the September 2025 announcement, Kering and Mayhoola reaffirmed their strategic partnership and commitment to Valentino's development. The postponement therefore changes the timeline, but not the stated desire to cooperate.
The real challenge will be the situation of Valentino and Kering as the new contract windows approach. A stronger brand, restored profitability, and a more flexible Kering balance sheet could make integration a more natural process. Conversely, an insufficiently advanced transformation or new financial priorities could lead the partners to re-evaluate their options.
Kering, Mayhoola and Valentino: who owns what today?
The structure remains simple. Kering has owned 30% of Valentino since the completion of the transaction in November 2023. Mayhoola holds the remaining 70%. This distribution is expected to remain unchanged until at least 2028, in accordance with the new agreement announced in September 2025.
Mayhoola then has put option windows in 2028 and 2029. The option allowing Kering to acquire Mayhoola's stake is, however, planned for 2029.
Therefore, at this stage there is no official announcement indicating that Kering will automatically own 100% of Valentino in 2028 or even 2029.
Is the postponement a sign of weakness for Kering?
The market may naturally interpret a delayed schedule as a sign of caution. But from a portfolio management perspective, caution does not necessarily equate to a strategic retreat.
Kering must simultaneously manage Gucci's turnaround, maintain Bottega Veneta's momentum, develop its other brands, optimize costs, reduce its financial leverage, and invest in product, retail, and communications. In this context, retaining a strategic option on Valentino without having to rush the integration could be advantageous.
The group is preserving its exposure to a global fashion house while retaining several years to improve its own financial profile and observe the results of Valentino's transformation.
2028-2029: a new chapter rather than just a buyout date
The Valentino case perfectly encapsulates the current transformation of the luxury industry.
The days when portfolio size and a multitude of acquisitions were enough to signal strength are over. Value creation now relies more on brand desirability, distribution control, product innovation, financial discipline, and an excellent customer experience.
For Kering, the years leading up to 2028 will therefore be crucial. The group must restore the economic strength of its main brands while preparing its next growth drivers.
For Valentino, this window represents an opportunity to consolidate its new creative direction, strengthen its commercial categories, and get back on track to translate its immense cultural capital into sustainable performance. The timeline has been pushed back. The strategic interest, however, remains.
And that is probably where the true meaning of the new agreement lies: Kering and Mayhoola have chosen to preserve their freedom of decision rather than rush the next chapter of Valentino.
Frequently asked questions about Kering's acquisition of Valentino
Has Kering acquired Valentino?
Kering acquired 30% of Valentino's capital in 2023 for €1.7 billion. Mayhoola retains ownership of the remaining 70%.
Will Kering buy Valentino in 2028?
Not necessarily. The current structure must remain unchanged until at least 2028.This means that a change becomes possible from that period onward, but no automatic buyout in 2028 has been announced.
When will Kering be able to buy the remaining 70% of Valentino?
Kering's purchase option, initially scheduled for 2028, has been postponed to 2029.
Why has the acquisition of Valentino been postponed?
Kering and Mayhoola have not provided a detailed reason. However, the postponement comes at a time when Kering is placing greater emphasis on financial discipline, improving its performance, and turning around its main brands.
Who owns Valentino today?
Kering owns 30% of Valentino and Mayhoola owns 70%.
Official sources
Kering – “Changes to the shareholders’ agreement relating to Valentino. Official statement detailing the maintenance of the capital structure until 2028 at the earliest and the postponement of Kering’s purchase option to 2029.”
Kering – “Kering and Mayhoola announce Kering’s significant investment in Valentino.” Official announcement of the acquisition of 30% of Valentino for €1.7 billion and the initial capital structure.
Financial Markets Authority – Kering Universal Registration Document 2025.Reference regulatory document concerning the financial situation, investments and risks of the group.
