French luxury group Kering and Qatar’s Mayhoola have amended their shareholders’ agreement concerning Valentino, delaying a full takeover of the Italian fashion house. Under the revised terms, Mayhoola’s put options for Kering to acquire its remaining 70% stake in Valentino have been pushed back from 2026-2027 to 2028-2029. The current 30%-70% ownership structure will remain unchanged until at least 2028. The move eases near-term financial pressure on Kering, which reported 17.2 billion euros ($18.8 billion) in revenue in 2024 and carries 9.5 billion euros ($11.1 billion) in debt. Valentino reported a 2% revenue decline in 2024 to 1.3 billion euros ($1.4 billion).