In an effort to boost sales at its flagship brand Gucci, French luxury conglomerate Kering announced on Thursday that it was purchasing a 30% share in Italian fashion house Valentino from Qatari investment fund Mayhoola for 1.7 billion euros ($1.87 billion) in cash.

In an effort to boost sales at its flagship brand Gucci, French luxury conglomerate Kering announced on Thursday that it was purchasing a 30% share in Italian fashion house Valentino from Qatari investment fund Mayhoola for 1.7 billion euros ($1.87 billion) in cash.The arrangement gives Kering the opportunity to buy out Valentino’s whole share capital by the year 2028.The deal is a part of a larger strategic alliance between Kering and Mayhoola, which could result in Mayhoola owning stock in Kering, according to a statement from Kering.#luxurynews