Announced earlier this year, the acquisition has been approved by antitrust authorities and the stake will be accounted for using the equity method from November 30.

The acquisition was valued at €1.7 billion when announced in July and will mean Kering has board representation alongside majority owner Mayhoola.

Mayhoola, which bought Valentino in 2012, could then become a Kering shareholder in the future, the group said.