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)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
France 24
11 minutes ago
- France 24
France's global aid programmes at risk from ‘unprecedented' budget cuts
Almost 190 non-governmental organisations are sounding the alarm after the historic €700 million in cuts to France's aid budget announced by Prime Minister François Bayrou on July 15. The figure accounts for roughly 5 percent of the total allocated to development aid. The measure is part of a planned €43.8 billion in budget cuts planned for 2026 to reduce France's burgeoning public deficit. 'It's unprecedented,' said Corentin Martiniault, an advocacy officer at Coordination Sud, a network of 188 French NGOs working in emergency humanitarian response including Médecins du Monde and Handicap International. French aid has until now allowed 'the financing of access to essential services such as health, water and food, but also the protection of populations in vulnerable and extremely fragile situations', Martiniault said. In a press release on Wednesday, Coordination Sud warned that the new budget guidelines 'could endanger poor and vulnerable populations around the world". Out of step As recently as last year, France still held a top position among international aid donors, ranking fifth in the world for official development assistance behind the US (at 30 percent), Germany, the UK and Japan, respectively, according to the OECD. If these cuts are confirmed, Martiniault said the public aid budget 'will be set back 10 years'. Since President Emmanuel Macron came to power in 2017, France has made international aid a political priority, significantly increasing its aid budget, Martiniault noted. But that all changed in 2024, he said, when 'France was one of the first countries to decide to make a major U-turn by reducing its budget for official development assistance.' 'Women are having to sell sex for fish': Head of ActionAid Zambia on USAID cuts 08:34 'We don't deny that the budgetary situation is challenging, but we note that the aid and development budget consistently finds itself among the top three budgets hardest hit by any cuts,' he added. After an initial €724 million was slashed from the aid budget in February 2024, more than €2 billion in further cuts have since been approved. An April 25 decree from the economy ministry cancelled another €200 million in appropriations. Martiniault said the cuts revealed a growing disconnect between years of government statements in support of foreign development and an aid budget that is being cut ever closer to the bone. A critical situation France is not the only country to culling its foreign aid budget, with Germany, the Netherlands, Sweden, Belgium and the UK all similarly reducing their levels of development assistance. US President Donald Trump's shock dismantlement of USAID, the main US development agency, has also dealt a huge blow to global health and development efforts. 'Adding further cuts to an already dire situation – marked by the withdrawal of many donors along with the weakening of UN agencies and structures capable of engaging directly with vulnerable populations in matters of health and nutrition – is catastrophic,' said Flore Ganon, head of advocacy for rights and essential services at Action contre la Faim (Action Against Hunger) France, another member organisation of Coordination Sud. Action contre la Faim experienced a 20 percent funding cut for its Confluences Project, which aims to reduce severe malnutrition among children under 5 in Madagascar, the Ivory Coast, Chad, Cameroon, Mauritania and Burkina Faso. 'We're going to find ourselves in countries where our ability to intervene will be reduced,' Ganon said. All the more so due to the group's partial reliance on funding from the now-shuttered USAID. 'The US cuts forced us to shut down nutrition centers basically overnight,' she said. It's a situation made all the more worrying by UN figures that show that hunger has been on the rise across the world since 2017, with some 733 million people suffering from malnutrition as of 2023 – twice the population of the European Union. 'Democratic backsliding' 'From our point of view, the reduction announced for the 2026 budget is not just a moral error, but a tactical one,' said Médecins du Monde president Jean-François Coty. 'When it comes to the struggle against inequality and major pandemics, one day we'll all pay dearly for it.' Coty also warned of the possible impacts of the decision on democratic values. 'Cutting international aid means getting rid of many NGOs,' he said. 'It's a form of democratic backsliding.' Around half of Médecins du Monde's budget is raised through fundraising activities and private donors – a fact that allows it to keep operating in the face of deepening budget cuts. 'We have to do more with less' - international development challenges after USAID cuts 09:53 'Today, some of our programmes will continue thanks to our reserves, and we will meet our commitments,' Coty said. 'But nothing guarantees that we'll be able to renew or expand them.' 'We have funding in advance, but it's hard to predict the future.' The new reality may mean a rethink of how many NGOs operate. "In the coming years, the overall decline in institutional funding will have an impact on us,' Coty warned. 'We are likely to see a stagnation or even a slight decline in our operations. You can't make up for the loss of major institutional funding in a few months or a few years. We will have to reorganise to be able to compensate, in particular through private funding.' A key role While Macron has announced an increase of €3.5 billion in 2026 and €3 billion in 2027 for the country's defence budget against the backdrop of the war in Ukraine, NGOs maintain that defence and development are not in competition, but complimentary. Humanitarian aid plays "a key role in preventing conflicts by tackling their root causes, such as access to education, water or the response to climate change", Martiniault said. For the NGOs that are members of Coordination Sud, other sources of funding may be possible. Revenues from the taxes on financial transactions and airline tickets were funnelled into development assistance until 2024. While the 2025 budget bill suddenly incorporated them into the state's overall budget, a bill supported by 70 MPs aims to reinstate the aid allocation.
Fashion Network
41 minutes ago
- Fashion Network
Chanel strengthens its production network across the board in Italy
"We also support the members of our ecosystem of factories in securing their own network and production capacities," stressed the rue Cambon brand. In addition to the creation of the Volfoni tannery, this type of consolidation has also taken place in the knitwear sector. Paima hosiery, owned by Chanel since 2021, "took a majority stake in Samo Cotton hosiery". This hosiery, acquired in 2024, is located, like Paima, near Ancona in the Marche region. Similarly, in the footwear segment, the Group pointed out that Roveda, the company specialising in high-end women's footwear that it acquired in 2000, "has strengthened its expertise in the manufacturing of uppers thanks to the activities of Ibisco and Primula", two companies created in 2023. Since Roveda became 100% owned by Chanel, this family-run business founded in 1955 in Parabiago, not far from Milan, has modernised and grown significantly, becoming a strategic entity for the French group, while continuing to supply other international labels. Last year, Chanel, which also includes shoemakers Gensi Group, controlled by the French company since 2015 and which expanded its production site in 2024, and Nillab Manifatture (Calzaturificio Ballin), also took over the historic luxury shoe manufacturer Grey Mer, its supplier for thirteen years, based in San Mauro Pascoli, Emilia-Romagna. In the leather goods sector, the label invested in Lombardy-based Renato Corti in 2019 as well as in Mabi International, a producer of leather bags and accessories with two factories in Veneto and one in Tuscany, in whose capital it took a 100% stake in 2023. In addition, the group has interests in other sectors. In 2022, for example, Chanel acquired 60% of jeans specialist FashionArt, and in 2023 took a minority stake in Marche cashmere spinning mill Cariaggi Lanificio. In 2020, it had already acquired the Piedmont-based producer of fancy wool yarns Vimar 1991, invaluable to the creation of its signature tweeds. In silk, beyond Mantero Seta, it has also secured the services of Como-based weaver Biseta, in which it acquired a 100% stake last year. Finally, in early 2025, it took a minority stake in Tuscan costume jewellery and metal accessories specialist Leo France. The Group has been present in Italy since 1986, and at December 31, 2024 counted twenty-nine subsidiaries in the country, active not only in manufacturing, but also in sales, marketing, distribution and logistics, employing over 2,500 people.
Fashion Network
an hour ago
- Fashion Network
AYT Studio carves a path between contemporary fashion and artistic expression
Like the great painters and sculptors, fashion designers and luxury brands now find themselves featured in retrospectives in museums around the world. While the number of links between fashion and art has multiplied over the past decade, the motivations of those involved in the ready-to-wear sector can be diverse, ranging from the search for artistic legitimacy to the creation of new experiences or successful commercial operations. For Yasmine El Kadiri, who worked for Kenzo, Celine, and Saint Laurent as a merchandising specialist, and who was at the forefront of observing this flourishing of collections centred around artworks and artists, this trend represents an opportunity. "When I observed these initiatives, they were often linked to an artist's work. But I believe there exists a space to create a dialogue with artists, where the artist participates in and influences the creative process. For me, creative engagement is a driving force, even though I have a commercial background. I have this desire for co-creation." The designer first put her concept to the test in the IFM Entrepreneurship program, before developing the first AYT Studio collection from mid-2024, with the intention of creating limited editions around her collaborations with artists. "I wanted to approach these collections under the concept of editions because I didn't want the work to be associated with a particular season, there's a kind of timelessness." For this first edition, the designer has collaborated with Lille-based artist Remed (Guillaume Alby) to translate the painter's works into garments. Together, they explored the possibilities of using details from certain artworks to create prints. The collaboration covers around twenty pieces, focusing on flowing viscose dresses featuring all-over prints. Produced in Italian workshops, the garments echo Remed's graphic and colourful work. Shirts, t-shirts, silk squares, and leather bags, made in the Tarn region of France, make up a comprehensive, colourful wardrobe that has been divided into four chapters. "I work in print, which is a niche in the fashion world, but it's an interesting expression in terms of colour and volume," said the entrepreneur. "I appeal to a community that is sensitive to the artistic approach. I think in terms of silhouettes, with dresses, shirts, but also accessories," said the designer, who is proud of her local sourcing. "And while each edition will explore the work of a particular artist, I can also express the AYT Studio style through contemporary cuts, fluidity and optimism, as well as the presence of certain pieces that are my references, like oversized shirts. I want to add markers that will reassure the customer." The brand can be found online via its aesthetic e-commerce store, but Yasmine El Kadiri relies on physical encounters to best express her concept. This approach was validated after a pop-up in the Marais district of Paris in spring, in which Remed's works mirrored the clothes on display, enabling the label to reach both French and international customers. The designer is continuing in this vein, exhibiting her creations until the end of July at the We Are club in Paris, located on rue Saint-Honoré and dedicated to the creative industries. The brand will then move on to the new We Are location in Lille, at 22, place Louise-de-Bettignies, in the heart of Vieux-Lille. This will be followed by another installation for a few days in the Parisian space, during the next Women's Fashion Week. "This period is also an opportunity to meet buyers, particularly department stores who are interested in concepts that blend different universes. I'm convinced that in the plethora of ready-to-wear on offer, what's going to make the difference is authenticity and commitment. The relationship with wholesale can take time, but there are opportunities around different venues, such as art foundations, and I'm a big believer in hotels. These are places where it's possible to express this relationship between the collection and the artist's work", said the entrepreneur, who is moving ahead with partnerships with resorts, to offer her editions as cruise collections. With its original concept, beyond seducing buyers, AYT Studio is also imagining a new approach to fashion distribution.
