Artemis, the powerful holding company controlled by the Pinault family and the force behind Gucci-owner Kering, has agreed to sell its majority stake in Giambattista Valli back to the luxury label's original founder.
The transaction allows the Italian designer, renowned for his airy, voluminous floral gowns, to regain full control of his eponymous brand. The financial terms of the buyout were not publicly disclosed, News.Az reports, citing Reuters.
The divestment comes amid a broader, aggressive efficiency drive by Artemis as it seeks to shed underperforming investments and manage mounting debt during a persistent global downturn in high-end luxury spending.
Giambattista Valli has faced severe headwinds over the last year as high-earning consumers rein in their fashion budgets. The brand's vulnerabilities became highly visible to the industry through several key indicators:
Heavy Discounting: While Giambattista Valli dresses typically retail upwards of $2,000, items have recently faced steep markdowns on luxury e-commerce platforms like Farfetch and Mytheresa.
Canceled Shows: In January, the label abruptly canceled its highly anticipated Paris haute couture runway show at the last minute, citing an internal, comprehensive review of its business model.
The independent fashion house is far from alone in its struggles. Major European legacy labels including Valentino and Dolce & Gabbana have similarly reported cooling demand as global luxury appetite softens.
For Artemis, offloading the stake is a calculated step to clean up its balance sheet following a rapid, debt-fueled acquisition spree.
This isn't the firm's first major liquidation this year. In January, Artemis sold a 29% stake in German sportswear giant Puma to China's Anta Sports Products for €1.5 billion ($1.8 billion).
In a statement on Wednesday, Artemis President François-Henri Pinault praised the transition, noting that "after years of exciting collaboration, a new chapter is beginning in this entrepreneurial venture." Designer Giambattista Valli added that the deal allows him to helm his brand independently "with enthusiasm and energy" moving forward.
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