Mayhoola denies speculation of possible Valentino sale with Kering
'This news is untrue,' Mayhoola chief executive Rachid Mohamed Rachid told Reuters on Friday, directly dismissing the report. Kering declined to comment.
Kering, which owns Gucci and other luxury brands, acquired a 30% stake in Valentino in 2023 for $1.7 billion, with a commitment to purchase the remaining 70% by 2028. The deal was positioned as a strategic move to establish a second flagship brand rooted in couture.
The timing of the acquisition, however, came just before the global luxury slowdown and has since become a topic of concern for investors. According to Kering's latest annual report, completing the Valentino acquisition could cost the group €4 billion ($4.64 billion), should Mayhoola choose to exercise its put options as early as 2026.
Kering shares, which have dropped more than 60% in value over the last two years, initially climbed by 2.5% following the Corriere article but lost momentum after Mayhoola's denial.
The speculation surrounding Valentino comes amid Kering's internal portfolio review, as the group faces mounting debt and industry-wide headwinds. Under pressure to free up capital, Kering has been evaluating its asset structure under the leadership of newly appointed CEO Luca de Meo, set to officially begin his role on September 15.
Valentino itself has also been in the spotlight. Its CEO, Jacopo Venturini, was recently placed on medical leave, and its handbag division, Valentino Bags Lab Srl, was placed under court administration due to labor violations identified in its supply chain.
In 2023, the company appointed Alessandro Michele as creative director, following the departure of long-time designer Pierpaolo Piccioli. That same year, the fashion house reported a 2% decline in revenue at constant exchange rates, totaling €1.31 billion ($1.52 billion).
($1 = €0.8607)
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