PARIS (Reuters) - 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 euro ($11.13 billion) debt pile.

Kering's commitment to fully acquire the business from Qatar-backed fund Mayhoola, made in a deal in 2023, has been weighing heavily on the indebted French luxury group whose balance sheet has come under market scrutiny amid declining sales.

Under a new agreement struck with Mayhoola, Valentino's current ownership structure will not change until at least 2028, Kering said.

Mayhoola's put options to sell Kering its remaining 70% stake in Valentino - initially due in 2026 and 2027 - are now postponed to 2028 and 2029, Kering said, while Kering's own option to fully acquire Valentino is deferred to 2029 from 2028.

Mayhoola could not immediately be reached for comment.

Kering said in its last available annual report the full acquisition of Valentino would cost it around 4 billion euros, but the amount, calculated as a multiple of the brand's earnings, can vary.

Speaking to analysts on a call in July, Kering Deputy CEO Jean-Marc Duplaix said the amount would be "substantially below" this amount due to Valentino's current performance.

Last year, Valentino's revenue declined 2% at constant exchange rates to 1.3 billion euros, while its core earnings (EBITDA) - the crucial variable for any prospective buyer - fell 22% to 246 million euros, filings show.

In his first comments as Kering's chief executive, de Meo on Tuesday said some first decisions taken under his leadership would be announced before the year ends.

"We must continue to reduce our debt, reduce our costs. And where necessary, rationalise, reorganise, reposition some of our brands," de Meo said, adding: "These decisions won't always be easy."

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