By Maitane Sardon

Kering said Thursday that it is buying a 30% stake in Italian fashion brand Valentino for 1.7 billion euros ($1.88 billion) in cash.

As part of the agreement with investment fund Mayhoola, Kering has the option to purchase the whole of Valentino's share capital no later than 2028.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

July 27, 2023 12:24 ET (16:24 GMT)

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