Valentino expects turnover to soon return to its 2019 ‘record-breaking year’ level, CEO Jacopo Venturini said this week. Q2 revenues were up 64 percent over 2020 to 574 million euros.
In 2019 Valentino revenue surged to 1.22 billion euros but the pandemic saw a decline of 28 percent, in line with other luxury players. In an interview with WWD Venturini said the pandemic allowed it to finetune its strategy, which is to focus on its “maison and couture,” and open “a series of values that create and permeate the culture of the company.”
One of the first items to align with the strategy was closing the Red Valentino line. Consolidating the brand under one umbrella will streamline the business and give a clear message to the consumer.
Valentino’s parent company Mayhoola, a Qatari investment fund, said in March it had no intention of launch an IPO or to sell the company, underlining its commitment to the Rome-based brand.
Growth is expected to come from an ambitious retail plan, increasing sales from its own stores from 55 percent to 70 percent, and reducing wholesales from 45 percent to 30 percent. An updated store design will be seen in new openings in cities such Geneva and Venus, with further expansion planned for the US, including new boutiques in Miami and New Jersey.
Valentino in 2013 pledged to eliminate harmful chemical components from its supply chain and is committed to a plan for planting trees in the cities where the brand is present. Last May the company confirmed it will go fur free from its spring summer 2022 collection onwards.