Latest news with #LucadeMeo
Fashion Network
9 hours ago
- Business
- Fashion Network
Kering withdraws from British luxury bag rental company Cocoon
Kering announced that it has withdrawn from the British luxury bag rental start-up Cocoon, confirming a report by media outlet L'informé. The French luxury group had first invested in Cocoon in 2021. With its new CEO, Luca de Meo, due to take the helm on September 15, Kering has undergone a number of transformations, ranging from the creative and general management of its main brands to its real estate assets. As part of its transformation, Kering is also examining its minority stakes and has withdrawn from Cocoon, confirming a report by the French media outlet L'informé. Kering is the parent company of Gucci, Balenciaga, and Bottega Veneta and counts the Pinault family as its principal shareholder. Cocoon was founded in 2019 by former Vestiaire Collective marketing director Ceanne Fernandes-Wong and Matt Heiman, offering a subscription-based rental concept for high-end bags. The business saw Kering and Depop founder Simon Beckerman take part in its funding round in 2021. At the time, the company raised just under 3 million euros. The London-based company later saw Ceanne Fernandes-Wong leave the project in 2024. Kering had invested in Cocoon via its venture capital company Kering Ventures, owning 8.1% of the capital. According to group data, it exited Cocoon in January. At the end of 2024, Kering Ventures also held minority stakes in Vestiaire Collective, Revalorem, and the Italian company Mogu, which develops mycelium-based technologies.
Fashion Network
10 hours ago
- Business
- Fashion Network
Kering withdraws from British luxury bag rental company Cocoon
Kering announced that it has withdrawn from the British luxury bag rental start-up Cocoon, confirming a report by media outlet L'informé. The French luxury group had first invested in Cocoon in 2021. With its new CEO, Luca de Meo, due to take the helm on September 15, Kering has undergone a number of transformations, ranging from the creative and general management of its main brands to its real estate assets. As part of its transformation, Kering is also examining its minority stakes and has withdrawn from Cocoon, confirming a report by the French media outlet L'informé. Kering is the parent company of Gucci, Balenciaga, and Bottega Veneta and counts the Pinault family as its principal shareholder. Cocoon was founded in 2019 by former Vestiaire Collective marketing director Ceanne Fernandes-Wong and Matt Heiman, offering a subscription-based rental concept for high-end bags. The business saw Kering and Depop founder Simon Beckerman take part in its funding round in 2021. At the time, the company raised just under 3 million euros. The London-based company later saw Ceanne Fernandes-Wong leave the project in 2024. Kering had invested in Cocoon via its venture capital company Kering Ventures, owning 8.1% of the capital. According to group data, it exited Cocoon in January. At the end of 2024, Kering Ventures also held minority stakes in Vestiaire Collective, Revalorem, and the Italian company Mogu, which develops mycelium-based technologies.
Fashion Network
10 hours ago
- Business
- Fashion Network
Kering withdraws from British luxury bag rental company Cocoon
Kering announced that it has withdrawn from the British luxury bag rental start-up Cocoon, confirming a report by media outlet L'informé. The French luxury group had first invested in Cocoon in 2021. With its new CEO, Luca de Meo, due to take the helm on September 15, Kering has undergone a number of transformations, ranging from the creative and general management of its main brands to its real estate assets. As part of its transformation, Kering is also examining its minority stakes and has withdrawn from Cocoon, confirming a report by the French media outlet L'informé. Kering is the parent company of Gucci, Balenciaga, and Bottega Veneta and counts the Pinault family as its principal shareholder. Cocoon was founded in 2019 by former Vestiaire Collective marketing director Ceanne Fernandes-Wong and Matt Heiman, offering a subscription-based rental concept for high-end bags. The business saw Kering and Depop founder Simon Beckerman take part in its funding round in 2021. At the time, the company raised just under 3 million euros. The London-based company later saw Ceanne Fernandes-Wong leave the project in 2024. Kering had invested in Cocoon via its venture capital company Kering Ventures, owning 8.1% of the capital. According to group data, it exited Cocoon in January. At the end of 2024, Kering Ventures also held minority stakes in Vestiaire Collective, Revalorem, and the Italian company Mogu, which develops mycelium-based technologies.
CNBC
a day ago
- Business
- CNBC
New Kering CEO could 'make Gucci great again,' Barclays says
Monday - Friday, 08:00 - 11:00 CET | 14:00 - 17:00 HK/SG Squawk Box Europe Podcast Carole Madjo, head of European luxury goods research at Barclays, weighs in on the potential turnaround of Kering-owned Gucci under new CEO Luca de Meo, and broader trends within the sector.
Express Tribune
3 days ago
- Business
- Express Tribune
Valentino refutes rumours of sale
Luxury group Kering's partner in Valentino was quick to rule out a newspaper report on Friday that the two were considering selling the Italian fashion label. But that could be just the move that incoming Kering CEO Luca de Meo needs to reset the debt-laden Gucci owner – even if it comes at a cost. Under current Chairman and CEO Francois-Henri Pinault, Kering bought a 30 per cent stake in Valentino for 1.7 billion euros in 2023 from Qatari fund Mayhoola to diversify away from slowing star brand Gucci, with a commitment to buy the rest by 2028. However, the deal includes options that could force Kering to buy the remaining 70 per cent as soon as May 2026, company filings show, potentially adding to Kering's 10-billion-euro-plus debt pile. In a note to clients this month, Bank of America analyst Mark Xu estimated the potential liability at 4-6 billion euros ($4.7-7.0 billion), depending on Valentino's performance. Revisiting the Valentino deal, which would require bringing Mayhoola back to the negotiating table, will be one of the first and biggest challenges for De Meo, industry experts and bankers say. The former Renault boss was picked in June to turn round the 24-billion-euro French luxury conglomerate. "With incoming CEO Luca de Meo joining in September 2025, not having to deal with the integration of Valentino may be one less thing on his already long to-do list," RBC analysts said on Friday. Contacted by Reuters about the report in Italian newspaper Corriere della Sera that Valentino could be put up for sale, Mayhoola CEO Rachid Mohamed Rachid said it was "untrue". Kering declined to comment. Kering shares rose 3.5 per cent after the report, outperforming the STOXX Europe 600 index, suggesting investors would welcome a sale. Besides Gucci, the group owns brands including Bottega Veneta and Yves Saint Laurent and high-end perfume label Creed, which Pinault bought in 2023 for 3.5 billion euros amid a wider acquisition spree. Reuters
