PARIS (Reuters) -French luxury group Kering has struck a licensing deal to develop eyewear for Valentino, deepening ties between the two companies days after Kering said it would take more time before
Kering Forms Licensing Agreement for Valentino Eyewear Production
PARIS (Reuters) -French luxury group Kering has struck a licensing deal to develop eyewear for Valentino, deepening ties between the two companies days after Kering said it would take more time before buying full control of the Italian fashion brand.
The agreement announced Monday, which gives Kering the rights to develop and distribute glasses and sunglasses under the Valentino label, was announced as Kering CEO Luca de Meo started his first official day at the French group.
Kering said last week it would not purchase the 70% stake it does not own in Valentino until at least 2028, pushing back its commitment to buy the Italian brand from Qatar-backed Mayhoola as it focuses on its main earner Gucci and on reducing its 9.5 billion euros ($11.2 billion) of debt.
The delay reduces the list of tasks facing de Meo as he takes on his new role with a mandate to put the struggling Gucci owner back on track.
Kering shares traded up 5.5% on Monday.
Kering and Valentino said the first glasses collection under the agreement - which comes into effect in January 2026 - would be presented at Valentino's fashion show in Paris on October 5, with eyewear sold in stores and online from March 2026.
($1 = 0.8498 euros)
(Reporting by Mimosa SpencerEditing by Mark Potter)
