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The Independent UK
The Independent UK
National
Colleen Barry

French luxury group Kering to buy 30% stake in Valentino for 1.7 billion euros cash

Kering Valentino Garavani Luxury Gucci
Copyright 2017 The Associated Press. All rights reserved.

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.

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