Middle East Daily
    Hot News
    Lifestyle

    Light Up Your Worth: The Empowering Journey to Unlocking Your Highest Potential by Lala O. Roch”

    Business

    MENA Effie Thought Leadership Program returns to Dubai with bold conversations on media effectiveness

    News

    ECAE hosts third edition of the Universities Collaboration Forum

    Important Pages:
    • Privacy Policy
    • Terms & Conditions
    Facebook Twitter Instagram Pinterest
    • Privacy Policy
    • Terms & Conditions
    Friday, August 1
    Facebook Twitter
    Middle East Daily
    • Home
    • News

      Legends Charity Game in Lisbon to raise millions for charity

      ECAE hosts third edition of the Universities Collaboration Forum

      J-PAL MENA AT AUC CELEBRATES FIVE YEARS OF EVIDENCE POLICYMAKING IN THE MIDDLE EAST AND NORTH AFRICA

      Khalifa Fund for Enterprise Development and 42 Abu Dhabi partner to host inaugural coding bootcamp ‘Piscine’ in Al Ain Region

      Wynn Al Marjan Island debuts Enclave: A destination within a destination

    • Business

      Dubai’s rise as the global capital of branded residences: Documented by Provident

      Talabat relaunches riders vending machine initiative for the second year in a row

      NBK marks milestone with $800mln additional Tier 1 Bond listing on the London Stock Exchange

      Quest Global Joins UAE’s NextGen FDI Initiative to Support Local Engineering Research and Development

      Sony’s New NFL Coach’s Headsets are Set to Debut on the Sidelines for 2025 Season

    • Technology

      Sony’s New NFL Coach’s Headsets are Set to Debut on the Sidelines for 2025 Season

      Player Protection in the Spotlight at SBC Summit 2025

      Ultra comfort, from sleep to workout: Samsung Galaxy Watch8 Series now available for UAE pre-orders

      Du and Huawei renew partnership to accelerate Emiratisation and digital talent development in UAE

      Yango Launches Enhanced Commuting Experience in Abu Dhabi and Sharjah with Transport Service

    • Lifestyle

      Dubai’s rise as the global capital of branded residences: Documented by Provident

      Joel Corry and Imanbek to headline star-studded SBC Summit Opening Party

      Ultra comfort, from sleep to workout: Samsung Galaxy Watch8 Series now available for UAE pre-orders

      Yango Launches Enhanced Commuting Experience in Abu Dhabi and Sharjah with Transport Service

      Sony’s Ultimate Travel Tech Guide for a Smarter Summer

    Breaking News:
    • Dubai’s rise as the global capital of branded residences: Documented by Provident
    • Talabat relaunches riders vending machine initiative for the second year in a row
    • NBK marks milestone with $800mln additional Tier 1 Bond listing on the London Stock Exchange
    • Quest Global Joins UAE’s NextGen FDI Initiative to Support Local Engineering Research and Development
    • Sony’s New NFL Coach’s Headsets are Set to Debut on the Sidelines for 2025 Season
    • Binghatti opens its London Boutique Marking Larger International Presence
    • United Arab Bank net profit up by 50% for the first half of 2025
    • PGIM and ADGM Academy launch RealAssetX Abu Dhabi to drive innovation and AI for the real asset industry
    Middle East Daily
    Home » Gucci’s parent company to acquire 30% stake in Qatari-owned Valentino for €1.7bn
    Business

    Gucci’s parent company to acquire 30% stake in Qatari-owned Valentino for €1.7bn

    Share
    Facebook Twitter LinkedIn Pinterest WhatsApp

    Luxury group Kering SA has reached an agreement to purchase a 30% stake in the esteemed fashion house Valentino for a sum of €1.7 billion ($1.87 billion) in cash.

    The move comes as part of Kering’s strategic efforts to bolster its growth in the high-end fashion market.

    The deal also includes a significant option for Kering, headquartered in Paris, to potentially acquire the entire Valentino brand from Qatar’s Mayhoola by the year 2028. This broader partnership between the two companies opens up possibilities for Mayhoola to become a shareholder of Kering.

    The announcement of this acquisition comes at a time when Kering’s flagship brand, Gucci, experienced lacklustre sale growth during the second quarter. Despite expectations by analysts of a 4.2% gain, sales at Gucci’s Italian fashion brand only rose by 1% on a comparable basis.

    In contrast, other luxury companies, including its larger competitor LVMH, witnessed double-digit growth, with a notable 21% surge in sales within its fashion and leather goods division, housing iconic brands like Dior and Louis Vuitton, as reported earlier this week.

    Kering’s Chief Financial Officer, Jean-Marc Duplaix, revealed that the company experienced a considerable 23% decline in North American retail revenue during the second quarter. Duplaix acknowledged that the luxury market in North America remains “more complicated” for the company.

    According to Kering CEO Francois-Henri Pinault, the company’s recent results fell short of their aspirations and potential, particularly at Gucci, their flagship brand.

    In response to this, Kering initiated a significant management reshuffle, including the departure of veteran Gucci CEO Marco Bizzarri, as part of their efforts to rejuvenate the brand’s sales performance.

    Kering also announced plans to secure board representation at Valentino, indicating the seriousness of their investment in the luxury fashion house.

    Qatar’s Mayhoola, which acquired Valentino in 2012, will still retain 70% of the share capital. Mayhoola will also continue implementing its success strategy in elevating the brand.

    Kering witnessed the exit of creative director Alessandro Michele in November, whose flamboyant designs had lost traction in the market. Sabato de Sarno has taken the helm since, as Michele’s successor, and is set to unveil his debut collection in Milan this September.

    With its substantial profit heavily reliant on Gucci, Kering is proactively taking measures to revitalise its premier brand while also capitalising on the opportunity to expand its portfolio through the acquisition of a significant stake in Valentino.

    The acquisition of the 30% stake in Valentino is anticipated to be finalised before the end of the year.

    Notably, Valentino stands as one of Italy’s most renowned fashion labels, boasting 211 directly operated stores and generating a revenue of 1.4 billion euros in 2022.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp

    Related Posts

    Business

    Dubai’s rise as the global capital of branded residences: Documented by Provident

    Business

    Talabat relaunches riders vending machine initiative for the second year in a row

    Business

    NBK marks milestone with $800mln additional Tier 1 Bond listing on the London Stock Exchange

    Business

    Quest Global Joins UAE’s NextGen FDI Initiative to Support Local Engineering Research and Development

    Business

    Sony’s New NFL Coach’s Headsets are Set to Debut on the Sidelines for 2025 Season

    Business

    Binghatti opens its London Boutique Marking Larger International Presence

    Business

    United Arab Bank net profit up by 50% for the first half of 2025

    Business

    PGIM and ADGM Academy launch RealAssetX Abu Dhabi to drive innovation and AI for the real asset industry

    Follow Us
    • Facebook
    • Twitter
    Top Posts
    News

    Amna Al Dahak: Enhancing the biodiversity is key to restoring Mother Nature and achieving sustainable development in the UAE

    Her Excellency Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, underscored…

    Business

    Oracle and Tamkeen Join Forces to Launch Engineering Hub in Bahrain

    In a significant step toward advancing Bahrain’s tech landscape, Oracle has inked a Memorandum of…

    Business

    New analysis explores PNU’s role in supporting Vision 2030 through education, leadership, and workforce development

    Oxford Business Group and Princess Nourah bint Abdulrahman University release report on women’s empowerment and…

    Business

    Georges Farhat appointed Cluster General Manager for Avani Palm View Dubai Hotel and opens a range of new facilities.

    Dubai, UAE, April 2023: Georges Farhat has been appointed as Cluster General Manager of Avani…

    Business

    UAE home maintenance specialist launches new dedicated service to renovate residential bathrooms 

    Dubai-based innovative and technology-driven home maintenance specialist Hitches & Glitches (H&G), part of the Farnek…

    Welcome to Middle East Daily, your daily dose of news and insights from the heart of the Middle East. Explore the latest headlines, delve into thought-provoking analysis, and engage with stories that define our region's narrative.

    Facebook Twitter
    Categories
    • Business (337)
    • Lifestyle (124)
    • News (129)
    • Technology (88)
    Top Insights
    Business

    eZhire Expands in Abu Dhabi with New Dispatch Center at Khalidiya Mall

    Lifestyle

    5 tips for a smooth visa application ahead of summer holidays

    © 2025 Middle East Daily.
    • Home
    • Privacy Policy
    • Terms & Conditions

    Type above and press Enter to search. Press Esc to cancel.