Thursday, March 3, 2016

Valentino Hits $1 Billion Mark

In what is turning out to be a very positive start of the year for Italian fashion,Valentino has announced that it has beaten its own financial forecast, bringing in revenues of over $1 billion in 2015, up a massive 48 per cent from 2014.

Citing accessories and the increasing interest in menswear as major contributors, CEO Stefano Sassi added that "currencies helped and we also added 30 boutiques last year," reports WWD (the new London store is slated to open later this month). He also heaped praise on creative directors Maria Grazia Chiuri and Pierpaolo Piccioli for their contribution to the "exceptional year" that saw the brand reach its target two years early.

Following the announcement, Sassi also addressed the IPO rumours that have been swirling since last December when the brand's owner, the Qatari-based Mayhoola for Investments, had allegedly "invited banks to pitch for the advisory roles on a stock-market listing", which was denied shortly after. "There will be no IPO before 2017," reiterated Sassi, confirming that "no date had ever been forecast".

He also took the opportunity to outline Valentino's position when it comes to adapting the popular, if contentious, see now, buy now model being mooted by other fashion houses. He stated that although the brand intends to stay in line with the Fédération Française de la Couture du Prêt-à-Porter des Couturiers et des Créateurs de Mode's policy of keeping the current system, they are "ready to evaluate alternatives".

Just last month, fellow Italian brand Gucci released its positive last-quarterprofits - largely credited to the Alessandro Michele effect, the brand's dynamic creative director.

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