Reported 1 day ago
Kering has announced it will delay its complete acquisition of the Italian fashion brand Valentino until at least 2028, reflecting concerns over its significant debt of 9.5 billion euros. This decision marks the first major action from newly appointed CEO Luca de Meo, aiming to alleviate financial pressure on the luxury group that has been scrutinized due to declining sales. Under a revised agreement with Mayhoola, the existing ownership of Valentino will remain unchanged until then, pushing back the timeline for Kering to acquire the remaining stake.
Source: YAHOO