Kering: A Timeline Behind the Building of a Luxury Goods Group

In the early 1960s, a 27-year-old François Pinault started his first business, a small timber company called Les Établissements François Pinault. Having left school at age 16 to work in his family’s timber business, Pinault initially stayed close to what he knew. Within a decade, though, he had set his sights on expansion, buying up “small, undervalued firms around the country to expand his [own] timber outfit,” according to the Guardian.

Pinault’s acquisition efforts accelerated in the 1970s, aided in part by the French government, which “sought to save jobs by offering entrepreneurs like Mr. Pinault chances to acquire failing privately owned companies at fire sale prices,” the New York Times reported in 1997. Pinault amassed a fortune by acquiring struggling companies, turning them around with the help of government aid, and selling them at a profit.

Over time, his targets extended beyond timber to construction materials and paper. A more significant shift came in the early 1990s, when Pinault SA acquired French department store chain Au Printemps and became the Pinault-Printemps Group. In 1994, following the addition of French retailer La Redoute, the group became Pinault-Printemps-Redoute, or PPR.

The transformation into a luxury group would come later. A decade after Pinault SA listed on the Paris stock exchange in 1988, the company began moving decisively into luxury, setting the stage for what would eventually become Kering under Pinault and, later, his son François-Henri Pinault. At the center of that transformation was Gucci. PPR took a significant stake in the Florentine fashion house in 1999, amid a highly public battle with LVMH. From there, the group built out its luxury portfolio, bringing Yves Saint Laurent, Balenciaga, Bottega Veneta, and other houses under its umbrella and transforming itself into one of the world’s largest luxury goods groups.

Here is a look at the acquisitions, investments, and exits that helped build Kering into the luxury group it is today.

LAST UPDATED MAR. 31, 2026 · UPDATED REGULARLY · KERING ACQUISITIONS & INVESTMENTS

1999: Gucci 

In March-May 1999, Pinault-Printemps-Redoute acquired approximately 40 percent of the Gucci Group for about $2.9 billion, following a prolonged and highly public battle with LVMH.
In 2003, PPR increased its stake to 67.6 percent, and in 2004, to 99.4 percent, securing full control of the group.

Related coverage: Kering’s quest for the Gucci Group, you can find that here.

1999: Yves Saint Laurent 

The fashion house founded in 1961 by Yves Saint Laurent and Pierre Bergé became part of the Gucci Group in 1999. Following PPR’s acquisition of Gucci, Yves Saint Laurent was integrated into the group via an internal reallocation of assets: Gucci acquired YSL couture and fragrance licenses from Sanofi Beauté, which was already owned by PPR. The transaction is often mischaracterized as a third-party acquisition, but was in fact a group-level restructuring.

1999: Sergio Rossi (Exited)

The Gucci Group acquired a 70 percent stake in Italian footwear brand Sergio Rossi, later taking full control in 2004. The brand was sold in December 2015 to Investindustrial, marking Kering’s exit.

2000: Boucheron

The Gucci Group acquired 100 percent of French jewelry and watch house Boucheron from Schweizerhall Holding AG for approximately $145 million.

2001: Bottega Veneta

In February 2001, the Gucci Group acquired 66.7 percent of Bottega Veneta, and in July 2001 raised its stake to 78.5 percent, establishing control.

2001: Balenciaga 

In July 2001, the Gucci Group acquired a 91 percent stake in Balenciaga, which was founded in 1919 by Cristobal Balenciaga.

2001: Stella McCartney (Exited)

When Stella McCartney launched her eponymous label in 2001, the Gucci Group acquired 50 percent in a true joint venture. In March 2018, McCartney exercised a long-standing contractual option to repurchase Kering’s stake, restoring full independence to the brand.

2001: Alexander McQueen

The Gucci Group acquired a 51 percent stake in Alexander McQueen, a British luxury fashion house founded by designer Alexander McQueen in 1992, as part of a joint venture.

2007: Puma (Exited)

In 2007, PPR acquired an initial 27.1 percent strategic stake in Puma. Control was achieved only after a tender offer, when PPR increased its stake to 62.1 percent. In 2018–2019, Kering distributed Puma shares to its shareholders, fully spinning off the brand to refocus exclusively on luxury.

2011: Brioni

Kering agreed to acquire 100 percent of Italian menswear house Brioni in November 2011 and completed the transaction in January 2012, following antitrust clearance.

2011: Girard-Perregaux and JeanRichard (Exited)

After a strategic partnership with Sowind Group beginning in 2008, PPR acquired a 50.1 percent controlling stake in the group in 2011, bringing Girard-Perregaux and JeanRichard under its umbrella. In May 2022, Kering completed the sale of its entire stake in Sowind Group, by then the owner of Girard-Perregaux and Ulysse Nardin, to its management.

2011: Volcom (Exited)

Kering acquired surfwear brand Volcom in 2011. In April 2019, Kering sold Volcom’s intellectual property to Authentic Brands Group as part of its shift to a pure-play luxury strategy.

2013: Qeelin

Kering announced its acquisition of a majority stake in Chinese fine jewelry brand Qeelin in December 2012, with the transaction finalized in early 2013. Founded in 2004, Qeelin expanded the group’s presence in fine jewelry and the Chinese luxury market.

2013: Christopher Kane (Exited)

In January 2013, Kering acquired a 51 percent stake in Christopher Kane. Following a transition period, Kane ultimately reacquired full control, and the brand ceased operations in the early 2020s.

2013: Pomellato

In 2013, Kering acquired a majority stake in the Italian jewelry company, Pomellato, founded in 1967. The acquisition also saw Kering bring Pomellato-owned Italian charm company DoDo under its umbrella.

2013: Ginori 1735

Italian porcelain manufacturer Ginori 1735 was acquired by Kering in 2013, bringing the historic Florentine house into the Kering group.

2013: Altuzarra (Exited)

Kering acquired a minority stake in Altuzarra in 2013. Founder Joseph Altuzarra bought back Kering’s stake in 2020, restoring full private ownership.

2013: Tomas Maier (Shuttered)

Kering entered into a joint venture with Tomas Maier in 2013. In 2018, Kering shuttered the brand as part of portfolio rationalization, with Maier retaining ownership of the trademark.

2014: Ulysse Nardin (Exited)

Kering acquired Swiss haute horlogerie house Ulysse Nardin in 2014. In May 2022, the group completed the sale of its entire stake in Sowind Group, owner of Ulysse Nardin and Girard-Perregaux, to the watchmakers’ management.

2021: Vestiaire Collective

Kering announced in March that it has taken a 5 percent stake in secondhand marketplace Vestiaire Collective, leading a $216 million funding round alongside American investment firm Tiger Global Management. 

2021: Cocoon 

Kering revealed in June 2021 that it has taken an undisclosed stake in Cocoon, a London-based startup that specializes in facilitating rentals for luxury handbags. 

2021: LINDBERG 

In June 2021, Kering revealed that it would take a 100 percent stake in Danish eyewear brand LINBERG in furtherance of “an important milestone in the successful expansion of Kering Eyewear and [an acquisition that] perfectly fits with its development strategy.” The terms of the deal, which was finalized in September 2021, were not disclosed. The acquisition made LINDBERG the first brand to join Kering Eyewear’s portfolio outright.

2022: Maui Jim

Kering Eyewear acquired more than 90 percent of Maui Jim, the Hawaii-founded eyewear brand, in October 2022, following the announcement of the transaction earlier that year. At closing, Kering said the remaining shares were expected to be acquired by year-end.

2023: Créations Perrin

Kering acquired Créations Perrin, a French leather-goods manufacturer specializing in glove-making and leather craftsmanship.

2023: Kering Beauté (Exited)

Kering launched Kering Beauté in 2023 as a dedicated beauty division, with luxury fragrance house Creed becoming a cornerstone of the new business following its acquisition that year. In October 2025, Kering entered into a strategic agreement with L’Oréal covering Kering Beauté, including Creed, as well as long-term fragrance and beauty licenses for several Kering Houses.

The transaction was completed on March 31, 2026, with L’Oréal acquiring Kering Beauté, including Creed, and the companies entering into beauty and fragrance licensing arrangements for Kering Houses. The transaction was valued at €4 billion, paid in cash at closing, with L’Oréal also set to pay royalties to Kering for use of the licensed brands. The companies are also exploring opportunities in wellness and longevity through a joint venture.

2023: Creed (Exited)

Kering acquired 100 percent of luxury fragrance house Creed in June 2023 from BlackRock’s Long Term Private Capital platform, which had owned the brand since 2020. While Kering did not disclose financial terms, the transaction was widely reported to value Creed at approximately €3.5 billion.

In October 2025, Kering announced a binding strategic agreement with L’Oréal under which L’Oréal will acquire Creed as part of a broader €4 billion transaction encompassing Kering Beauté and long-term fragrance and beauty licensing arrangements. 

2024: Valentino

Kering completed its acquisition of a 30 percent stake in Italian fashion house Valentino from Mayhoola in November 2023. The €1.7 billion transaction included a framework of put and call options governing a potential future acquisition by Kering of Mayhoola’s remaining 70 percent stake.

In September 2025, Kering and Mayhoola amended their shareholders’ agreement, postponing Mayhoola’s put options on Kering for its remaining stake to 2028 and 2029 and deferring Kering’s call option to 2029. As a result, Valentino’s ownership structure will not change before 2028 at the earliest.