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Kering said on Wednesday that it will not fully buy Italian fashion brand Valentino until at least 2028, its first major move under new CEO Luca de Meo, pushing back the execution of an expensive deal that has been weighing on the heavily indebted group.
The deal — announced just a day after de Meo was charged by shareholders to put the struggling Gucci-owner back on track — crosses a first major item off the Italian’s to-do list as he seeks to further reduce Kering’s €9.5 billion…
