Kering SA is getting more time to exercise an option to buy the rest of fashion house Valentino, as the French group focuses on reducing its debt levels.
Kering will now have until 2029 to purchase the 70% stake in Valentino owned by Qatar’s Mayhoola, a year later than initially agreed, according to a statement Wednesday.
The firm, which owns brands including Gucci and Yves Saint Laurent, bought a 30% stake in Valentino for €1.7 billion from the Qatari fund two years ago.
The changes to the deal terms come the day after Kering’s incoming chief executive officer, Luca de Meo, told shareholders his top priorities will include slashing debt and costs. Kering’s net debt rose 24% to €10.5 billion at the end of last year.
Kering’s purchase of a stake in Valentino was seen as a way to reduce its exposure to Gucci, which accounts for most of its profit and has struggled in recent years. Valentino underwent management and design changes over the past 18 months amid a downturn in demand for high-end fashion.
Valentino had revenue of €1.35 billion in 2023, with net income of €23.4 million, according to Kering’s 2024 annual report. If options were to be exercised, the “price would be adjusted on the basis of Valentino’s performance and prospects for future years,” the report added. The value of the 70% stake was estimated at €4 billion as of the end of 2024, the report said.
Meantime, Mayhoola’s options to sell the remaining stake to Kering, initially exercisable in 2026 and 2027, have been postponed to 2028 and 2029 respectively, Kering said in the statement.
From safeguarding intellectual property to securing their own use of artificial intelligence, the fashion industry is still finding its feet with AI. Unsurprisingly, the topic took centre stage at the Assises Juridiques de la Mode, du Luxe et du Design, held in Paris on December 9 and organised by Lexposia.
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“In 2024, we submitted 2.5 million reports of counterfeit content to platforms,” explained Nicolas Lambert, LVMH’s director of online brand protection. “That’s nothing new, but AI has made it increasingly easy to generate infringing content. At the moment, for example, we’re seeing a proliferation of online ads for counterfeit Advent calendars from Sephora, Dior and other group brands.”
Alexandre Menais, general counsel for the L’Oréal group, was also on hand to bear witness to this acceleration. In his view, the growing presence of this new technology calls for fresh thinking about interactions between the company and the machine, and in particular how those interactions are used.
“With an intelligent agent, the question arises of who owns that interaction,” stressed the legal expert. “One of the risks I see is that the rules companies set, which mandate the use of closed AI, will be widely flouted. Many employees will be tempted to test AI outside the established framework.”
Christiane Féral-Schuhl, a lawyer specialising in this field, identified this risk as well. For the former bar chair and former president of the Conseil National des Barreaux, it is urgent to raise employees’ awareness of the differences between a closed AI, trained on creations and data for which rights‑holders have given their consent, and an open AI system. The latter dispenses with rights‑holders’ consent by relying on the “text and data mining” (TDM) exception.
Left, Frédéric Rose (IMKI), Nicolas Lambert (LVMH) and Christiane Féral-Schuhl (lawyer) – MG/FNW
“These AIs are ogres that swallow up all this ‘training data’, and to counter this you can build your own AI system, using protected data within a controlled framework. If an employee prefers to use an open system, they feed the machine and, in effect, share their work and creations with others — including their competitors — who may exploit it to produce infringing works.”
Féral-Schuhl also emphasised the questions to be asked of AI tool suppliers. Some stipulate in their terms that a customer’s work may be used to improve the service for all customers — which, in a creative context, should obviously be prohibited.
Frédéric Rose runs IMKI, which designs bespoke generative AI for brands such as The Kooples and G-Star. The specialist notes that AI is becoming more sophisticated. “It will soon be able to draft patterns and technical execution files,” he estimates. “It’s already getting more and more precise, and is becoming capable of specifying materials, fabric weights (grammage) or stitching types.”
This level of detail now makes it possible to spot counterfeits — for rights‑holders and consumers alike.
“Some AIs have safeguards and refuse to respond, but others give you suggestions on where to find the best dupes,” said Lambert. “Between the AI and the customer, it’s a private channel that I can’t investigate. But maybe tomorrow AI will be able to identify suspicious behaviour. Perhaps we need to imagine, as with YouTube, a DMCA‑style mechanism (a rights‑holder takedown mechanism, editor’s note) preventing an AI from pointing users to a counterfeit product.”
Hugo Weber (Mirakl), Benoît Loutrel (Arcom) et Pierre Berecz (Ebrand) – MG/FNW
“And if AI is exploited for creative purposes, we also need to define red lists of iconic elements, specific signatures, which could lead a creation to resemble that of an established brand,” said Féral-Schuhl.
She also points to the emergence of “watermarking” (or digital tattooing) of data used to train AI, which could in time be subject to copyright protection and prevent its use in AI agents’ creative processes. This comes on top of “information tagging” that records the date and place of AI‑generated creations.
The vice‑president of French unicorn Mirakl, which develops marketplaces for major retailers, Hugo Weber, for his part, spoke about the contribution AI could make to already highly efficient algorithms.
“Amazon Prime is not a logistics issue: if you’re delivered the next day, it’s because in 95% of cases your purchase was already in shipping, because the algorithm is very efficient,” summarised the specialist.
He also cautioned against turning the Shein case into a trial of marketplaces, pointing out that European, American and Chinese players all have different notions of responsibility.
The Shein case was also raised by Benoît Loutrel, chair of the online platforms working group at ARCOM (Autorité de Régulation de la Communication Audiovisuelle et Numérique).
“We’re moving from preventive action by regulators to enforcement action by the courts. I think that the next stage will involve civil law, particularly in the case of artificial intelligence,” said the specialist.
Faced with the rise of ARCOM equivalents in other European countries, he hopes to see French digital sovereignty anchored within the broader European Union framework now taking shape.
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Italian luxury sneakers brand Golden Goose is an acquisition target for Chinese investment fund HongShan, which is hoping to close the deal, worth €2.5 billion, before Christmas. The operation wouldn’t be HongShan’s first in the fashion sector.
In 2024, Golden Goose reported a revenue of €655 million – Golden Goose
HongShan was founded in 2005 by Neil Shen and Zhang Fan, as the Chinese investment arm of Sequoia Capital, and was known as Sequoia Capital China. It was an early investor in thriving Chinese tech giants like Alibaba, JD.com, Meituan, ByteDance and Pinduoduo, forging a reputation as a venture capital investor capable of identifying future market leaders and fast-tracking their growth.
Independence in 2024
Between 2023 and 2024, Sequoia Capital split up in three separate entities, and Sequoia Capital China was rebranded as HongShan (‘sequoia’ in Mandarin). In July 2024, HongShan embarked on a funding round that raised €2.15 billion ($2.5 billion). As well as becoming independent, HongShan expanded internationally, opening offices in London and, in 2025, in Tokyo, signalling that its strategy extends well beyond China’s borders.
HongShan became majority shareholder of Ami Paris in 2021, and is reportedly considering selling up soon – PP Group
Initially focused on early-stage venture capital investments, HongShan now operates across the entire funding spectrum, from seed capital to growth equity, private equity investment, and buyouts, in sectors like healthcare, consumer goods and public infrastructure. A diversification prompted by the aspiration to become a global player able to ink major international deals. As proof of its new dimension, in January 2025 HongShan acquired a majority stake in Anglo-Swedish audio equipment maker Marshall Group, valued at over $1 billion.
Track record in fashion
HongShan has moved beyond Asia and tech companies, investing also in fashion. Acquiring Golden Goose would be consistent with previous operations made by HongShan, even in its previous incarnation as part of Sequoia Capital. In 2021, it made fashion headlines by acquiring a majority stake in French label Ami Paris, which it then helped expand in China by staging runway shows and opening pop-up stores. Ami Paris is doing well, but HongShan is reportedly considering selling its stake soon.
HongShan bought a stake in Shein in 2018 – Reuters
HongShan also owns stakes in Amer Sports, lingerie brand Ubras, Urban Revivo, Halara, Miracle Miles (which owns footwear brands Dream Pairs, Bruno Marc, Norrtiv8 and Burudani), and also in Shein, the latter since 2018. The surprising elements in HongShan’s offer for Golden Goose are the brand’s valuation and the fact that its acquisition would mark HongShan’s entry into the luxury sector. HongShan’s portfolio currently includes over 1,500 names, among them 140 unicorns and 160 listed companies.
JW Anderson is running a Miami pop-up during the city’s Art Week in partnership with luxury retailer The Webster. It comes after the reinvention of the JW Anderson that now reflects Jonathan Anderson’s “utterly personal urge” to curate.
JW Anderson x The Webster
The ‘new’ JW Anderson is “centred on objects of elevated craftsmanship, curated fashion collections alongside homewares, artisanal goods and the very idea of collecting. A modern-day cabinet of curiosities”.
And this is what can be found at the JW Anderson x The Webster pop-up, which is open until 15 December at 1220 Collins Avenue Miami Fl, 33139. It’s a big deal for the brand given that it marks the first regional showcase of its “newly reimagined world”. It’s also a key moment in the label’s US expansion, “reintroducing the brand to an extended audience”.
So what can visitors find there? Pieces include knitwear “spun from the finest yarns, Japanese-crafted denim developed with expert makers, fold-over trousers inspired by archival designs, crafted in Donegal tweed and finest Locharron pure new wool tartan”.
These “elevated” versions of classic garments, “with a connection to local makers, sit alongside objects crafted in collaboration with artists and artisans”.
That means furniture, homewares and home textiles such as re-editions of Charles Rennie Mackintosh’s stools in Scottish oak, Jason Mosseri’s Hope Spring Chairs, Lucie Rie mugs, handmade Murano glassware, Welsh blankets, and ceramics by Akiko Hirai.
There are also hand-picked books and antique gardening tools, hand-forged nails, Houghton Hall Estate honey and coffee-flavoured tea from Postcard Teas, “extending the language of craftmanship. Heritage imagined through a contemporary lens”.
The pop-up concept was developed in collaboration with architects Sanchez Benton with the company saying the space “embodies the design language of the brand, a dialogue with the handmade and expertly crafted”.