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Italian Fashion House Valentino Suffers Drop in Profit in 2023

The logo of fashion house Valentino is seen outside a shop in Milan, Italy, April 8, 2024. REUTERS/Claudia Greco
The logo of fashion house Valentino is seen outside a shop in Milan, Italy, April 8, 2024. REUTERS/Claudia Greco
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Italian Fashion House Valentino Suffers Drop in Profit in 2023

The logo of fashion house Valentino is seen outside a shop in Milan, Italy, April 8, 2024. REUTERS/Claudia Greco
The logo of fashion house Valentino is seen outside a shop in Milan, Italy, April 8, 2024. REUTERS/Claudia Greco

Operating profit at Italian fashion house Valentino dropped 18% last year, to 99 million euros ($105.7 million), the company said on Tuesday.
Last year French luxury group Kering, which is struggling to revive sales at its star brand Gucci, bought a 30% stake in Valentino, with an option to purchase the whole of company's share capital by 2028.
Valentino added its 2023 revenues dropped 3% at constant exchange rate, to 1.35 billion euros ($1.44 billion).
Earlier this year Valentino hired former Gucci designer Alessandro Michele as creative director, after the departure of longtime incumbent Pierpaolo Piccioli.
Direct sales, which include e-commerce and represents 66% of total sales, rose 3% last year, boosted by a positive performance in Asia Pacific and Japan, the company said.
The second half of the year was challenging for the European market, while the Americas showed "encouraging signs" in the same period, the fashion house added.

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Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
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Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)

Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.

Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.

Shein will open its pop-up store from Aug. 2-11 as an "exhibition space" for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post on Tuesday.

Local influencers were tapped for a pre-opening marketing campaign.

Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.

A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.

"That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain," the spokesperson added.