French luxury group Kering and Qatari-backed Mayhoola agreed to a 100 million euros ($117 million) capital injection into Italian fashion house Valentino. The move comes after Valentino breached terms of a 530 million euros ($620 million) loan agreement signed earlier this year. Funds will be provided by MFI Luxury Srl, which is 70% owned by Mayhoola and 30% by Kering. Valentino faces headwinds from the global luxury slowdown, with 2024 revenue declining 2% YoY to 1.3 billion euros ($1.52 billion) and core earnings dropping 22% to 246 million euros ($288 million). Kering acquired its stake for 1.7 billion euros ($1.99 billion) in 2023.