Overview

• Under the amended pact, Mayhoola’s put options move from 2026–2027 to 2028–2029, and Kering’s 2028 call option shifts to 2029.
• Both companies said all other contractual terms stay intact, and they reaffirmed their strategic partnership around Valentino.
• Analysts estimate Kering would need roughly €3.4 billion to buy the remaining 70% of Valentino, a cash outlay now pushed back.
• Kering is prioritizing deleveraging after net debt swelled to about €10 billion, with incoming CEO Luca de Meo set to outline strategy.
• Valentino reported €1.31 billion in 2024 revenue and EBITDA of €246 million, down 22% year over year, with reports of double‑digit sales declines in 2025 and Riccardo Bellini taking over as CEO on 1 September.