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LVMH to Build New Workshop Making Louis Vuitton Bags in Italy 

A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
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LVMH to Build New Workshop Making Louis Vuitton Bags in Italy 

A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)
A Louis Vuitton bag is seen in a shop in downtown Rome, Italy March 1, 2016. (Reuters)

LVMH, the world's largest luxury goods group, plans a new factory in Italy producing Louis Vuitton bags and other leather accessories, the Tuscany region said on Friday. 

The workshop will be the largest in Italy entirely dedicated to making these products for Louis Vuitton, said the region, which signed a Memorandum of Understanding (MoU) with LVMH. 

It will be located in the small town of Sieci and will be the third making Louis Vuitton goods in the Tuscany region. 

The MoU has a duration of three years and envisages that the total number of staff employed by LVMH in the region will rise to 450, from 270 at present.  

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Fashion

Italian Fashion House Valentino Suffers 22% Profit Drop in 2024

A picture shows bags in the shop window of Italian fashion house Valentino at Piazza di Spagna in central Rome, on November 11, 2024. (Photo by Alberto PIZZOLI / AFP)
A picture shows bags in the shop window of Italian fashion house Valentino at Piazza di Spagna in central Rome, on November 11, 2024. (Photo by Alberto PIZZOLI / AFP)
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Italian Fashion House Valentino Suffers 22% Profit Drop in 2024

A picture shows bags in the shop window of Italian fashion house Valentino at Piazza di Spagna in central Rome, on November 11, 2024. (Photo by Alberto PIZZOLI / AFP)
A picture shows bags in the shop window of Italian fashion house Valentino at Piazza di Spagna in central Rome, on November 11, 2024. (Photo by Alberto PIZZOLI / AFP)

Italian fashion house Valentino's operating profit dropped 22% last year, the company said on Friday, as the luxury sector faced a slowdown in global demand for high-end goods, particularly in Asia.
European luxury groups have been counting on wealthy Americans to kick-start growth as the outlook for China remained bleak. But after President Donald Trump's tariff policy, the sector is bracing for what could be its longest slump in years, Reuters said.
Valentino said one-off costs also drove its operating profit down to 246 million euros ($280 million) in 2024, as it continued investing in directly-managed stores.
Revenue fell 2% at constant exchange rates to 1.31 million euros, despite good sales in Japan, the Middle East and the Americas, the Rome-based company said.
It said online sales rose 5% compared to the previous year, in line with the group's aim to strengthen its e-commerce business.
"Our work has taken a decisive step with the arrival of Alessandro Michele as our new Creative Director," Chief Executive Jacopo Venturini said in a statement.
Valentino hired the former Gucci designer in March last year following the exit of creative director Pierpaolo Piccioli, who had been in the position for 25 years.
In 2023, Gucci owner Kering bought a 30% stake in Valentino with an option to buy the whole of the company's share capital by 2028.