Valentino Sales, Profits Return To Pre-Pandemic Levels
Italian fashion house Valentino saw its 2021 sales and profits return back to pre-pandemic levels.
The company’s revenue increased by 41 percent year-on-year t0 $1.36 billion, which was 3% higher than 2019.
While the brand has yet to disclose its net and operating profit, it noted that both of the metrics had surpassed the levels seen in 2019 — marking a strong recovery after a year of losses in 2020 when net profits swung from $36.4 million to a net loss of $140 million with sales declining by 27%.
The improvements have come as the brand’s chief executive Jacopo Venturini has focused on repositioning Valentino’s image at the top end of the luxury fashion business. Since Venturini joined the company from Gucci in June 2020, the brand has raised the price points for its leather products, including its Rock stud and Roman stud line and launched new commercial collections reflective of creative director Pierpaolo Piccioli’s work in his hit runway shoes.
The brand is also revamping its customer service and internal culture and phasing out its affordable brand, Red.
“You have to create a culture where humans and creativity are at the centre,” Venturini said in an October interview. “If we establish this kind of couture culture, there’s an effect that trickles down through the company.”
Originally published at https://retailbum.com on March 21, 2022.
