French luxury group Kering to buy 30% stake in Valentino for 1.7 billion euros cash
French luxury conglomerate Kering has reached a cash deal to purchase a 30% stake in Italian fashion house Valentino for 1.7 billion euros from a Qatari investment firm MILAN -- French luxury conglomerate Kering has reached a cash deal to purchase a 30% stake in Italian fashion house Valentino for 1.7 billion euros from a Qatari investment firm. With the purchase, Kering is seeking to shore up its revenue stream as it struggles to turn around former powerhouse Gucci. Kering on Thursday reported first-half revenues of 10.1 billion euros , up 2%, as Gucci sales stagnate. Under the deal announced Thursday, Kering has the option to buy 100% of Valentino no later than 2028. The partnership could lead to the Qatari investment firm, Mayhoola, becoming a shareholder in Kering, as well as other potential “joint opportunities,” the statement said. Kering Chairman and CEO Francois-Henri Pinault expressed admiration for “the evolution of Valentino under Mayhoola ownership,” which Kering said turn...