Valentino is in talks with creditors after breaching debt covenants due to declining sales, Bloomberg reports. The Italian fashion house, 30% owned by Kering and controlled by Qatar’s Mayhoola, defaulted on a revenue-to-debt ratio in December, worsening after H1 2025 results. The bulk of debt stems from a 530 million euros ($572 million) loan with banks including Intesa Sanpaolo, Banca Monte dei Paschi di Siena, Banco BPM, and Paribas. Valentino reported a 22% EBITDA decline and 3% sales fall in April. Riccardo Bellini replaced Jacopo Venturini as CEO in August.