Valentino’s Qatar shareholders pledge fresh support after losses

Valentino’s shareholders have committed additional financial support for 2026 after the Italian fashion house swung to an operating loss last year and debt increased, a filing seen by Reuters showed on Tuesday.

Qatar-backed Mayhoola owns 70 percent of Valentino, while French luxury group Kering holds the remaining 30 percent and has options to increase its stake to 100 percent by 2029.

“In 2025, capital injections totalling €100 million were made and further financial commitments for 2026 were formalised,” the group said in the filing.

Last year shareholders had committed to a capital injection of up to €150 million, according to the same document, as part of a debt renegotiation that revised financial covenants based on the leverage ratio and introduced quarterly reporting requirements with banks.

The fashion house, which hired Alessandro Michele as creative director in 2024, has been hit by a broader slowdown in luxury demand.

• Mayhoola and Kering to inject €100m into Valentino
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Valentino’s revenues fell 15 percent to €1.12 billion ($1.28 billion) last year, with sales declining across all regions, particularly in Japan and Asia-Pacific. Operating profit of €31 million in 2024 turned to a loss of €103 million in 2025.

Net debt under IFRS 16 reporting measures rose to €1.13 billion at the end of 2025 from €1.08 billion a year earlier, the filing showed. Excluding lease liabilities, net debt increased to €472 million from €377 million.

By product category, fashion jewellery and fragrances showed resilience, while leather goods and footwear declined overall. The contribution of women’s ready-to-wear to total revenue fell to 24 percent from 25 percent due to weak sales in directly operated stores.

The group aims to continue cost control, improve process efficiency and protect brand value, the filing said.