On 10 September 2025, Kering and Mayhoola announced an update to Valentino’s shareholders’ agreement. Five days later, on 15 September, Valentino and Kering Eyewear confirmed a new global partnership for the brand’s eyewear business. Both are contractual, showing how law provides structure and stability while enabling growth for a luxury house.
About Kering and Mayhoola
Kering is a French luxury group with a broad portfolio that includes Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, and Ginori 1735. It also operates Kering Eyewear and Kering Beauté. Family-led, the group generated €17.2 billion in revenue in 2024 with about 47,000 employees worldwide.
Mayhoola is a Qatari investment company focused on luxury. It controls brands such as Valentino, Balmain, and Pal Zileri, and owns the Turkish department store group Beymen. Its strategy is to invest for the long term in leading luxury brands and support their international growth.
Shareholders’ Agreement Update
When Kering acquired thirty percent of Valentino in 2023, the shareholders’ agreement included rights for the parties to buy or sell shares on specified future dates. The 10 September amendment simply postpones these dates. Mayhoola can now sell its stake in 2028 and 2029, while Kering’s right to buy is deferred to 2029. Until then, ownership remains seventy percent Mayhoola and thirty percent Kering. No other provisions have changed. Legally, the amendment preserves the balance of rights while removing the immediate possibility of a change in control. Practically, it gives management a period of certainty to focus on running the business without distraction.
A put option allows the owner to sell shares to the other party if they choose. Here, Mayhoola could sell its seventy percent stake to Kering.
Eyewear Licence Agreement
On 15 September 2025, Valentino and Kering Eyewear announced a new global licence starting January 2026. Under this agreement, Kering Eyewear will have exclusive rights to design, produce, and distribute Valentino’s sunglasses and optical frames. The Spring Summer 2026 collection will be the first under this contract, presented in Paris in October 2025 and sold worldwide from March 2026.
Valentino’s Brand Licence
Valentino authorises Kering Eyewear to use its name, design codes, and brand identity in eyewear. The agreement ends Valentino’s previous arrangement with AKN Group and places this product category within Kering’s specialised platform. Like all exclusive licences, it defines commercial rights and responsibilities, including the obligation to uphold brand quality, design integrity, and consistency across global markets.
How the Agreements Support Stability and Growth
Viewed together, these agreements illustrate two key ways law structures a luxury business. At the shareholder level, contracts define who controls the company and when that control can shift. At the product level, licences set the rules for how the brand is used across global markets. Both are long term tools designed to reduce uncertainty, protect value, and align ownership with the strategic use of the brand.
Together, they show how shareholder agreements and brand licences help maintain stability and plan for the future.
Sources:
1.Kering Eyewear and Valentino announce Global Partnership agreement