Gucci owner Kering has agreed to acquire a minority stake in Chinese luxury brand Icicle Fashion Group.

The deal is part of a new partnership with Icicle’s parent company ICCF, the French luxury group said in a statement.

Icicle was founded in Shanghai, China, in 1997 and focuses on women’s and men’s ready-to-wear and accessories.

The brand operates more than 200 stores, including in Beijing, Paris and Shanghai.

Financial terms and other details of the agreement were not disclosed.

The statement added that the partnership is intended to combine ICCF’s “deep understanding” of the Chinese luxury ecosystem and cultural landscape with Kering’s expertise in craftsmanship, operations and brand development in Europe.

Kering added that its investment will support the “next phase of development” for Icicle, including “continued” international expansion and an expanded product offering across new categories.

The company said the collaboration is being driven by House of Wonders, a newly launched strategic initiative designed to selectively support emerging luxury houses.

The luxury group recently reported a drop in first-quarter sales for 2026 while pointing to signs of gradual improvement ahead of a planned strategy update aimed at reviving growth.

The company posted revenue of €3.56bn ($4.19bn) for the period, down 6% on a reported basis but flat on a comparable basis versus the same quarter last year.

Performance was notably impacted by Gucci, within the fashion and leather goods segment, where revenue reached €1.34bn, representing a decline of 14% as reported and 8% on a comparable basis.

Last month, Kering introduced a new organisational structure with the creation of two group centres of excellence.

The newly formed industry and client divisions sit within the group platform, providing a unified structure and shared resources across the houses, which include Gucci, Bottega Veneta, and Balenciaga, among others.