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Valentino 2021 Sales Rose 41%, Listing Not in Fashion House’s Plans

Valentino 2021 Sales Rose 41%, Listing Not in Fashion House’s Plans

Monday, 21 March, 2022 - 09:15
Designer Valentino shoes are seen on display at the Nordstrom flagship store is seen during a media preview in New York, US, October 21, 2019. (Reuters)

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.

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