MILAN: Qatari investment fund Mayhoola and Gucci-owner Kering are considering selling their jointly-owned fashion house Valentino, an Italian daily reported on Friday.
The decision is part of a wider review by Kering of its holdings, as the luxury group faces growing debt, a global slowdown in luxury demand and is under pressure on the bourse, Corriere della Sera newspaper added.
The French giant bought a 30% stake in Valentino in 2023 for $1.7 billion with a commitment to buy the remaining 70% by 2028, hoping to create a second flagship label rooted in high couture.
Kering’s new Chief Executive and former boss at carmaker Renault, Luca de Meo, due to start on September 15, will handle the issue, the newspaper reported, adding that Kering declined to comment and Mayhoola did not respond to a request for comment.
Valentino said last month its CEO Jacopo Venturini was on sick leave.
The Rome-based fashion house, which last year named star designer Alessandro Michele as creative director to replace long-serving Pierpaolo Piccioli, reported a 2% drop at constant exchange rates in revenues last year, to 1.31 billion euros ($1.52 billion). ($1 = 0.8607 euros) (Reporting by Claudia Cristoferi, editing by Giulia Segreti)
