Underlining luxurious’s present lull, Valentino mentioned its 2024 revenues decreased 3 p.c to 1.31 billion euros amidst “a difficult and sophisticated panorama.”
At fixed alternate charges, the lower stood at 2 p.c, whereas the Roman vogue home trumpeted that its direct retail, together with e-commerce, improved 5 p.c final 12 months and represented 70 p.c of revenues.
The e-commerce channel accounted for 15 p.c of direct gross sales final 12 months, versus 11 p.c in 2023, representing a 37 p.c leap.
In a press launch issued Friday morning, Valentino mentioned it’s at present “rebalancing the wholesale channel,” which it lowered by roughly 20 p.c in 2024, “in favor of a extra centered distribution by way of built-in partnerships.”
The corporate additionally highlighted a 51 p.c leap in revenues at its magnificence and perfume enterprise licensed to French magnificence big L’Oréal.
Valentino’s Gold Uomo perfume.
Courtesy
Nonetheless, Valentino’s earnings earlier than curiosity, taxes, depreciation and amortization fell 22 p.c to 246 million euros, affected by “non-recurring objects.”
With out giving precise figures, it mentioned the Americas delivered “constructive year-on-year progress,” and Japan and the Center East “carried out effectively.”
Against this, Europe and Asia “skilled difficult circumstances, particularly all through the second half of the 12 months.”
In an announcement, Valentino chief govt Jacopo Venturini mentioned Valentino “made essential progress in 2024 as we proceed to nurture our maison’s promise to enchant, shock and encourage our shoppers in equal measure.
“Our work took a decisive step ahead with the appointment of Alessandro Michele as our new artistic director,” he mentioned, referring to the March 2024 nomination of the previous Gucci designer, who succeeded Pierpaolo Piccioli.
Michele’s first designs, anointed “Avant les Débuts” for the resort 2025 season, arrived in shops final September and October.
In accordance with Venturini, his first creations for the home “have already proven how Alessandro’s extraordinary inspiration reinterprets the previous by way of his distinctive and excellent eyes, whereas embracing the liberty he has to totally specific his artistic genius.
“My gratitude goes to him and all of the colleagues of the maison, who proved unstinting efforts and admirable dedication all through a 12 months of problem and of progress,” Venturini added.
Contained in the Valentino boutique on Sloane Avenue in London.
Brendan Cox
