Kering SA is getting more time to exercise an option to buy the rest of fashion house Valentino , as the French group focuses on reducing its debt levels.

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Kering will now have until 2029 to purchase the 70% stake in Valentino owned by Qatar’s Mayhoola, a year later than initially agreed, according to a statement Wednesday.

The firm, which owns brands including Gucci and Yves Saint Laurent , bought a 30% stake in Valentino for €1.7 billion from the Qatari fund two years ago.

The changes to the deal terms come the day after Kering’s incoming chief executive officer, Luca de Meo, told shareholders his top priorities will include slashing debt and costs. Kering’s net debt rose 24% to €10.5 billion at the end of last year.

Kering’s purchase of a stake in Valentino was se

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