Italy · Fashion business
Valentino’s 30% Kering stake and the deferred options on the rest
Kering completed a €1.7 billion purchase of 30% of Valentino in November 2023. A 2025 amendment moved Mayhoola’s options to sell the remaining stake to 2028 and 2029 and Kering’s option to buy it to 2029.
Sources checked
- 27 July 2023Agreement for a minority stake
Kering agrees to acquire 30% of Valentino for €1.7 billion in cash. Source 1
- 30 November 2023Minority purchase completed
Kering announces completion after antitrust clearance and begins accounting for the stake by the equity method. Source 2
- First half 2025Original schedule on record
Kering’s interim report describes the existing options to acquire the remaining 70% from May 2026 through 2028. Source 3
- 10 September 2025Shareholders amend the agreement
The parties move the put windows from 2026 and 2027 to 2028 and 2029, and move Kering’s call to 2029. Source 4
- 2028First amended put window
The first previously scheduled Mayhoola put moves to 2028 under the amendment. Source 4
- 2029Second put and Kering call windows
Mayhoola’s second put and Kering’s call are both scheduled in 2029 under the amendment. Source 4
Choose an event to see its terms and source.
The 2023 purchase covered a minority stake
The two companies agreed in July 2023 on a 30% stake for €1.7 billion in cash. Kering’s completion notice in November says it would account for the investment using the equity method. The amount paid relates to the 30% transaction. Source 1 Source 2
A put and a call give rights to different sides
The agreement covers both Mayhoola’s put rights on its remaining 70% and a Kering call right. A put can require the other side to buy if exercised under its terms. A call is a right to purchase. The company’s interim report separated those options from the completed 30% purchase. Source 3 Source 4
The amendment moved each published window
Mayhoola’s 2026 and 2027 put windows moved to 2028 and 2029 respectively. Kering’s call moved from 2028 to 2029. The parties said the other option provisions remained in place. Source 4
The timetable and transaction value answer different questions
The €1.7 billion consideration is for the completed minority investment. The future dates specify when option rights can be used under the amendment. A later notice of exercise or completion would identify any additional ownership transfer. Source 1 Source 2 Source 4