PARIS — Kering said on Thursday it has bought a 30 percent stake in Valentino for 1.7 billion euros in money as a part of a broader strategic partnership with Qatari investment fund Mayhoola, because it seeks to chart a course for growth during a transitional yr for its star brand Gucci.
The acquisition, which got here every week after a significant management reshuffle, overshadowed a weak performance within the second quarter that saw Gucci miss market expectations because it adapts to a recent corporate and inventive leadership following the exit of longtime chief executive officer Marco Bizzarri and inventive director Alessandro Michele.
Kering has an choice to buy one hundred pc of Valentino’s capital by 2028, while Mayhoola could turn into...
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