Latest news with #JacopoVenturini
The Sun
18-07-2025
- Business
- The Sun
Mayhoola denies Valentino sale talks with Kering amid speculation
PARIS: The Qatar-backed investment fund Mayhoola has denied reports suggesting it was in discussions with Kering, the owner of Gucci, about selling their jointly held fashion label Valentino. Mayhoola CEO Rachid Mohamed Rachid told Reuters, 'This news is untrue,' dismissing claims made in an Italian newspaper. Kering's shares initially rose by 2.5% in early Paris trading following the Corriere della Sera report but later trimmed gains after Mayhoola's denial. A Kering spokesperson declined to comment on the matter. In 2023, Kering acquired a 30% stake in Valentino for $1.7 billion, with an agreement to purchase the remaining 70% by 2028. However, the deal, struck at peak luxury market valuations, has since become a financial burden for Kering, which is grappling with significant debt and investor pressure to streamline operations. Kering's latest annual report estimated that fully acquiring Valentino could cost up to four billion euros, with potential early execution in 2026 if Mayhoola exercises put options. Meanwhile, Valentino's future has been under scrutiny after its handbag unit, Valentino Bags Lab Srl, was placed under court administration due to labor concerns in its supply chain. Adding to the uncertainty, Valentino CEO Jacopo Venturini recently took sick leave, fueling further speculation. The brand, now under the creative direction of Alessandro Michele, reported a 2% revenue decline last year, totaling 1.31 billion euros. - Reuters
Fashion Network
18-07-2025
- Business
- Fashion Network
Valentino sale under consideration by Kering and Mayhoola
Qatar-based investment fund Mayhoola and Gucci -owner Kering are reportedly considering selling their jointly owned fashion house Valentino, according to an Italian daily. The decision is part of a broader portfolio review by Kering, as the French luxury group faces rising debt, softening global demand for high-end fashion, and pressure on the stock market, Corriere della Sera reported Friday. Kering acquired a 30% stake in Valentino in 2023 for $1.7 billion, with a commitment to purchase the remaining 70% by 2028. The move was intended to establish a second flagship brand alongside Gucci, rooted in couture heritage. Kering's newly appointed chief executive, Luca de Meo—former CEO of carmaker Renault—is expected to take charge of the situation after officially starting on September 15. The newspaper noted that Kering declined to comment, and Mayhoola did not respond to a request for comment. Valentino, headquartered in Rome, announced last month that its chief executive officer, Jacopo Venturini, is on medical leave. Last year, the brand appointed Alessandro Michele as its new creative director following the departure of long-serving designer Pierpaolo Piccioli. In the same year, Valentino reported a 2% decline in revenue at constant exchange rates, reaching 1.31 billion euros ($1.52 billion). ($1 = €0.8607)
Fashion Network
18-07-2025
- Business
- Fashion Network
Valentino sale under consideration by Kering and Mayhoola
Qatar-based investment fund Mayhoola and Gucci -owner Kering are reportedly considering selling their jointly owned fashion house Valentino, according to an Italian daily. The decision is part of a broader portfolio review by Kering, as the French luxury group faces rising debt, softening global demand for high-end fashion, and pressure on the stock market, Corriere della Sera reported Friday. Kering acquired a 30% stake in Valentino in 2023 for $1.7 billion, with a commitment to purchase the remaining 70% by 2028. The move was intended to establish a second flagship brand alongside Gucci, rooted in couture heritage. Kering's newly appointed chief executive, Luca de Meo—former CEO of carmaker Renault—is expected to take charge of the situation after officially starting on September 15. The newspaper noted that Kering declined to comment, and Mayhoola did not respond to a request for comment. Valentino, headquartered in Rome, announced last month that its chief executive officer, Jacopo Venturini, is on medical leave. Last year, the brand appointed Alessandro Michele as its new creative director following the departure of long-serving designer Pierpaolo Piccioli. In the same year, Valentino reported a 2% decline in revenue at constant exchange rates, reaching 1.31 billion euros ($1.52 billion). ($1 = €0.8607)
Fashion United
04-07-2025
- Business
- Fashion United
Valentino CEO exit looms, raising questions for Kering deal
Speculation is mounting over who could succeed Jacopo Venturini after Valentino confirmed its chief executive has taken sick leave amid reports he is poised to depart. Industry insiders point to Riccardo Bellini, the former Chloé chief who in January became managing director of Valentino‑owner Mayhoola, as a likely internal contender, given his proximity to chairman Rachid Mohamed Rachid and recent remit to 'oversee strategy and operations' across the Qatari fund's brands. Venturini's exit would come at an awkward juncture. Valentino's 2024 revenue slipped 2 per cent to 1.31 bn euros and core profit fell 22 per cent, while Alessandro Michele's first collections have yet to win over the label's traditional clientele, Reuters said. A new chief will need to restore commercial momentum, ease creative tensions and prepare the maison for a potentially accelerated roll‑out of Michele's aesthetic. The choice also matters for Kering. The French group paid 1.7 bn dollars for a 30 per cent stake in Valentino in 2023 and holds options to buy the balance between 2026 and 2028. A steady hand in Rome could reassure Kering's new chief executive Luca de Meo, who was appointed last month, as he tackles a debt load that analysts warn could rise above four times EBITDA if further acquisitions go ahead, according to Cosmetics Business. Were Bellini to take the helm he would likely focus on sharpening retail productivity and tightening inventory, priorities that chime with Kering's broader push to revive Gucci and Saint Laurent. Conversely, a prolonged vacuum or an external hire could delay integration synergies and tempt Kering to renegotiate the timing or valuation of its remaining call option, adding another layer of uncertainty to a balance sheet already under scrutiny. For Mayhoola, installing a trusted lieutenant would preserve strategic control while signalling openness to eventual convergence with Kering's processes. For Kering, it could be the difference between inheriting a revitalised ready-to-wear and couture asset or paying a premium for a turnaround still in its early stages. Either way, the next appointment will set the tone for whether Valentino becomes the group's long‑sought second flagship or another expensive brand turnaround in progress.
Express Tribune
01-07-2025
- Business
- Express Tribune
Valentino CEO calls in sick amid profit cuts
Italian luxury brand Valentino said on Monday its Chief Executive Jacopo Venturini was currently on sick leave, responding to media reports of his imminent departure. A possible change of CEO would, if confirmed, pile further pressure on the high-end business which reported a decline in revenues and profit last year. Italian fashion blog The platform reported on Sunday that the Italian manager, who took the role in 2020, was about to leave the group in order to have more time for himself. Contacted by Reuters, the Rome-based group, controlled by Qatari investment fund Mayhoola, sent a short statement saying the executive was on sick leave, without providing further details. Gucci-owner Kering bought a 30 per cent stake in Valentino in 2023 for $1.7 billion with a commitment to buy the remaining 70 per cent by 2028, hoping to create a second flagship label rooted in high couture. Valentino, which last year named star designer Alessandro Michele as creative director to replace long-serving Pierpaolo Piccioli, reported a 2 per cent drop at constant exchange rates in revenues last year, to 1.31 billion euros ($1.54 billion). Its core profit declined 22 per cent to 246 million euros, with the wider industry facing a demand slowdown and challenging economic backdrop. Michele's new collection, which arrived in stores only in the last quarter of 2024, according to documents registered at the local chamber of commerce, is yet to convince customers, three sources close to the matter said. Valentino's usual customers are not buying much of the collection and new converts have been slow to emerge, the sources said. Valentino wasn't immediately available for a comment about the new collection's performance. Kering's purchasing deal included cross put and call options for Kering, which is struggling to relaunch its main brand Gucci, to purchase the whole of Valentino's share capital from May 2026 through 2028. Analysts are wondering about the timing of the acquisition of the remaining stake, as it could weigh on the company, which is already struggling to cut debt. Reuters
