By
Reuters
Published
July 18, 2025
The head of Qatar-backed investment fund Mayhoola denied a recent Corriere della Sera report on Friday that claimed the fund and Gucci-owner Kering were considering selling their jointly owned fashion house, Valentino. This story had sparked fresh speculation following earlier reports.

“This news is untrue,” said Mayhoola chief executive Rachid Mohamed Rachid in a statement to Reuters.
Kering shares, which have fallen by over 60% in the past two years, initially rose by approximately 2.5% in early Paris trading following the Corriere report, before retreating after Mayhoola’s denial. A Kering spokesperson declined to comment.
Kering purchased a 30% stake in Valentino in 2023 for $1.7 billion, with a commitment to acquire the remaining 70% by 2028. The deal—struck at a peak valuation just before a prolonged slowdown in the luxury sector—has since become a financial strain for the heavily indebted French group, now under pressure from investors to increase liquidity through asset divestments.
According to Kering’s most recent annual report, fully executing the Valentino transaction—potentially as early as 2026 if Mayhoola exercises its put options—would incur an estimated €4 billion cost.
The future of Valentino has drawn increased scrutiny since the Rome-based house announced last month that its CEO, Jacopo Venturini, is on medical leave. Speculation further intensified after news broke that Valentino Bags Lab Srl, the brand’s handbag division, had recently been placed under court administration due to labor conditions in its supply chain.
Valentino, which appointed Alessandro Michele as creative director last year following the departure of long-serving designer Pierpaolo Piccioli, reported a 2% drop in revenue at constant exchange rates in 2023, totaling €1.31 billion ($1.52 billion).
($1 = €0.8607)
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