Under the new terms, Kering has the option to acquire 100 per cent of the share capital of Valentino no later than 2029.

Kering and Mayhoola jointly announced on Wednesday that they are postponing plans for Kering to fully acquire Valentino, putting off a significant buy for Kering, which is in the midst of a CEO transition.

In 2023, Kering acquired a 30 per cent shareholding in Mayhoola-owned Roman house Valentino. The agreement with Mayhoola included an option for Kering to acquire the remaining 70 per cent stake of the brand’s share capital no later than 2028. This deadline is now deferred to 2029. Mayhoola’s put options (which give Kering the access to buy Valentino at a certain price without obligation) on Kering for its remaining stake in Valentino are now postponed from 2026 and 2027 to 2028 and 2029. Other terms of the deal will remain the same, according to the joint statement.