Italian fashion house Valentino posted a 41% jump in sales last year at constant exchange rates and is not considering a listing anymore, Chief Executive Officer Jacopo Venturini said in an interview published on Monday.
Revenue was 1.23 billion euros ($1.36 billion) in 2021, 3% higher than the pre-pandemic levels of 2019. The rise was driven by strong demand for accessories that now represent two-thirds of total sales, Venturini told financial weekly L'Economia-Corriere della Sera.
Founded in Rome in 1960 by Valentino Garavani and controlled by Qatari investment vehicle Mayhoola, the company had expected a strong recovery in business this year after first-half revenue surged 64%.
The CEO, at the helm of the maison since June 2020, said "the hypothesis (of a listing) is absolutely not there anymore."
Although Valentino's revenue is smaller than competitors, the "size (is) correct for a sustainable growth," he said.
The share of online sales has risen to 16% of the total from 5% and the group plans to open 21 shops this year, including four in China, Venturini said.