Valentino 2025 Sales, Core Profit Slide as Debt Edges Higher

A model presents a creation by Italian fashion house Valentino during the show "Interferenze" Fall/Winter 2026-2027 collection at Palazzo Barberini in Rome on March 12, 2026. (Photo by Alberto PIZZOLI / AFP)
A model presents a creation by Italian fashion house Valentino during the show "Interferenze" Fall/Winter 2026-2027 collection at Palazzo Barberini in Rome on March 12, 2026. (Photo by Alberto PIZZOLI / AFP)
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Valentino 2025 Sales, Core Profit Slide as Debt Edges Higher

A model presents a creation by Italian fashion house Valentino during the show "Interferenze" Fall/Winter 2026-2027 collection at Palazzo Barberini in Rome on March 12, 2026. (Photo by Alberto PIZZOLI / AFP)
A model presents a creation by Italian fashion house Valentino during the show "Interferenze" Fall/Winter 2026-2027 collection at Palazzo Barberini in Rome on March 12, 2026. (Photo by Alberto PIZZOLI / AFP)

Italian luxury group Valentino reported lower sales and earnings in 2025 from the previous year, while its net debt increased, a company filing showed on Tuesday.

Revenue fell 15% to €1.12 billion, ‌while earnings ‌before interest, taxes, ‌depreciation ⁠and amortization (EBITDA) dropped 41% ⁠to €174 million, the filing said.

Net debt rose to €1.13 billion at the end of 2025 from €1.08 billion a ⁠year earlier, it ‌added.

Valentino ‌is controlled by Qatar-backed Mayhoola, ‌which owns 70% of ‌the company, while French luxury group Kering holds the remaining 30%.

The fashion house ‌has been facing a slowdown in luxury demand ⁠and ⁠in November received a €100 million capital injection from Kering and Mayhoola to shore up its finances after it breached loan covenants earlier in the year.



Olivier Rousteing New Artistic Director at Paco Rabanne

Balmain's fashion designer Olivier Rousteing acknowledges the audience at the end of his ready-to-wear Fall-Winter 2024/2025 collection show as part of the Paris Fashion Week, at the Grande halle de la Villette in Paris on January 20, 2024. (AFP)
Balmain's fashion designer Olivier Rousteing acknowledges the audience at the end of his ready-to-wear Fall-Winter 2024/2025 collection show as part of the Paris Fashion Week, at the Grande halle de la Villette in Paris on January 20, 2024. (AFP)
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Olivier Rousteing New Artistic Director at Paco Rabanne

Balmain's fashion designer Olivier Rousteing acknowledges the audience at the end of his ready-to-wear Fall-Winter 2024/2025 collection show as part of the Paris Fashion Week, at the Grande halle de la Villette in Paris on January 20, 2024. (AFP)
Balmain's fashion designer Olivier Rousteing acknowledges the audience at the end of his ready-to-wear Fall-Winter 2024/2025 collection show as part of the Paris Fashion Week, at the Grande halle de la Villette in Paris on January 20, 2024. (AFP)

French designer Olivier Rousteing has been appointed creative director of Paco Rabanne, the Spanish luxury fashion house announced Tuesday.

"Rabanne is delighted to welcome Olivier Rousteing as the house's new creative director. His first collection will be presented in March 2027," the brand said in a post on Instagram.

Rousteing made his own social media pronouncement, showing a screenshot of messages exchanged with his mother, in which he confirmed his appointment, accompanied by the comment in English: "Let the journey begin".

"Joining Rabanne is a tremendous honor. This is a house that has always challenged convention, transforming bold ideas into creations that have shaped fashion history."

Rousteing saluted "the remarkable creative legacy" which he said predecessor Julien Dossena was leaving behind.

"For me, fashion is about emotion, identity, and the confidence to express who we truly are. That belief feels deeply connected to Paco Rabanne and his enduring vision of freedom and individuality," said Rousteing.

Dossena stepped down as Rabanne's creative director in June after 13 years at the helm.

Rousteing, who had been in charge of Balmain's collections for nearly 15 years, left the French brand in November 2025.

In recent weeks, he had posted social media messages indicating that he had been taking care of his health in recent months and now felt ready for a new challenge.

Known for his glamour and pop designs, he has some 10 million followers on Instagram and has sought to make luxury fashion more accessible to young fans.

In 2015, he notably designed a collection for a collaboration between Balmain and H&M. In 2022, Jean-Paul Gaultier entrusted him with the creative direction of one of his collections.

In May, he designed the dress which singer Beyonce wore for the Met Gala in New York.


Watches of Switzerland Sees Robust US Demand, Signs of UK Recovery

Rolex watches are displayed at a store in New York City, US, April 8, 2025. (Reuters)
Rolex watches are displayed at a store in New York City, US, April 8, 2025. (Reuters)
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Watches of Switzerland Sees Robust US Demand, Signs of UK Recovery

Rolex watches are displayed at a store in New York City, US, April 8, 2025. (Reuters)
Rolex watches are displayed at a store in New York City, US, April 8, 2025. (Reuters)

Luxury retailer Watches of Switzerland said on Tuesday that strong US demand had carried into its new financial year, while the UK market showed encouraging signs of improvement, after annual sales and ‌profit exceeded expectations. 

The ‌seller of Rolex and TAG Heuer ‌watches ⁠has benefited from affluent ⁠US consumers snapping up luxury timepieces amid a stock market boom. Its limited direct exposure to the Middle East and tourist shoppers also helped shield it from a slowdown in travel spending. 

Reuters reported on Monday, citing people familiar with the matter, that the company ⁠had held talks with potential bidders, as ‌it believes the stock ‌market undervalues the company despite its performance. 

Shares in Watches of ‌Switzerland were marginally lower on Tuesday after having risen ‌to their highest level since July 2023 on Monday following the report. 

Watches of Switzerland reported adjusted operating profit of £155 million ($207 million) on sales of £1.83 billion for the year ‌ended May 3, 2026, above company-compiled analyst expectations of £148.4 million in profit on revenue ⁠of £1.78 billion. 

The ⁠retailer, which operates in the United States, Britain and Europe, said that the US offered significant potential for further growth and market share gains after the region posted 24% sales growth and accounted for more than 50% of total group revenue. 

The company stuck to its outlook for fiscal year 2027 and said that it plans to focus on showrooms investments and selective acquisitions in the US in the mid-term, as brands increasingly consolidate towards fewer, higher-quality stores. 


Shein Scheduled for Hong Kong IPO Hearing on Thursday

FILE PHOTO: A Shein logo is seen at the first physical space of Chinese online fast-fashion retailer Shein on its opening day inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
FILE PHOTO: A Shein logo is seen at the first physical space of Chinese online fast-fashion retailer Shein on its opening day inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
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Shein Scheduled for Hong Kong IPO Hearing on Thursday

FILE PHOTO: A Shein logo is seen at the first physical space of Chinese online fast-fashion retailer Shein on its opening day inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
FILE PHOTO: A Shein logo is seen at the first physical space of Chinese online fast-fashion retailer Shein on its opening day inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo

Fast-fashion retailer Shein is scheduled for a Hong Kong initial public offering hearing with the city's stock exchange on Thursday, two sources with knowledge of the matter said, a step which will bring it closer to its much-awaited market debut.

The fast-growing commerce company on ‌Friday received ‌Chinese securities regulator's nod to ‌go ⁠ahead with its ⁠Hong Kong IPO plan, which marks the removal of a major hurdle in its long journey of going public.

The sources could not be named as the information was confidential.

Shein did not ⁠immediately respond to a Reuters ‌request for comment.

The company ‌will need to answer questions from ‌members of the Hong Kong Stock Exchange's ‌listing committee during the hearing process.

Once Shein obtains clearance from the stock exchange, it can then proceed to conducting investor roadshows and ‌launching bookbuilding for the IPO.

A source told Reuters on Friday ⁠the ⁠company could possibly aim to list in September or October, targeting a valuation of $40 billion to $50 billion.

Founded by Chinese-born entrepreneur Sky Xu in 2012, Shein had to wait for a year for the green light from Beijing for its Hong Kong IPO after confidentially filing the application last July.