The logo of French luxury group Kering is pictured in Paris, France, on Sept. 15, 2017. French luxury conglomerate Kering has reached a cash deal to purchase a 30% stake in Italian fashion house Valentino for 1.7 billion euros from a Qatari investment firm. Under the deal announced Thursday, July 27, 2023, Kering has the option to buy 100% of Valentino no later than 2028. (AP Photo/Michel Euler, File)