Speaking to financial analysts gathered in Florence on Thursday 16 April, Luca de Meo announced the first transaction of Kering's new investment vehicle, "House of Wonders", which he had flagged upon taking over as CEO in September 2025. The move is a minority stake in Icicle, a Shanghai-based "quiet luxury" brand — the discreet, logo-free style of luxury — founded in 1997 by Ye Shouzeng, a former professor at Donghua University, and his wife Tao Xiaoma. Kering is investing more precisely in ICCF, the small group that owns Icicle and has also held about 10% of French fashion house Carven since 2018.

Icicle has an estimated €300mn in revenue, manufactures 95% of its products in two ultra-modern factories in Shanghai (equipped with French Lectra cutting systems) and operates about 200 stores in China, three in Paris and a corner at Le Bon Marché. The brand works with cashmere and double-faced wool, with wool-and-silk trench coats or jackets priced over €1,000 apiece and more for coats. Its distribution approach is distinctive: in Shanghai, the company bought four buildings — two of them listed historic monuments in the former French Concession — to install Icicle and Carven flagships and a restaurant around a large garden.

House of Wonders complements Kering Ventures, the group's first private-equity arm (which focuses more on younger companies such as the luxury resale platform Vestiaire Collective), with a long-term support approach including expertise in distribution and commercial real estate. The strategic goal is twofold: to prove luxury brands can emerge outside Europe and to reduce Kering's dependence on Gucci. Icicle plans to use Pinault-family funding and know-how to accelerate its international expansion. Source: Les Echos, 16 April 2026, Philippe Bertrand.