2023-07-30 01:11:15
Economy
40
July 30, 2023, 04:08 am
Milan – Archyde.com
The French luxury goods group Kering said it is considering acquiring 30 percent of the Italian Valentino Group, and Kering said it is buying this stake for 1.7 billion euros, about $ 1.87 billion, in cash from the Mehul investment company, with the possibility of buying the remaining shares no later than 2028. And the deal that came Following Kering’s acquisition of Creed, a luxury perfume company, highlights the return of merger and acquisition activity in large deals in the sector, with luxury goods companies looking to diversify their sources of revenue in a turbulent economic environment and slow demand. Kering said late Thursday that the investment in Valentino is part of a broader strategic partnership between Kering and Mehulle that could result in Mehulle becoming a shareholder of the French group. A source familiar with the deal said on Friday that Mehouleh was targeting a stake in the luxury goods giant by initially acquiring shares in the market. In the meantime, Kering and Mehulle will explore other potential joint investments with the aim of strengthening their partnership, said François-Ennery Pinault, Kering’s president.
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