Last year, the Italian fashion house, which is 30% owned by the Kering group with an option to buy 100%, saw its revenue and, more importantly, its EBITDA fall again. It is counting on its creative director Alessandro Michele, formerly of Gucci, who arrived a year ago, to reverse the trend…
The magic touch of Alessandro Michele has not yet had time to work its wonders at Valentino…
The former Gucci designer, who successfully propelled the Kering group’s flagship brand to the top before it ran out of steam, arrived at Valentino just a year ago. With his flamboyant, baroque style, he promised to reshape the brand after the quarter-century “reign” of his predecessor, Pierpaolo Piccioli.
A new beginning that Kering is certainly no stranger to… The group led by François-Henri Pinault has owned 30% of Valentino’s capital since the end of 2023, with the option to acquire the entire stake from the Qatari fund Mayhoola by 2028.*
A lackluster 2024 balance sheet
Nevertheless, Valentino’s 2024 results remained lackluster: its revenue fell by 2% at constant exchange rates (-3% at current exchange rates) to €1.311 billion, but more importantly, its profitability declined significantly, with a 22% drop in EBITDA compared to 2023, of 22% to €246 million according to the draft consolidated financial statements approved by Valentino’s board of directors.
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Featured photo: © Valentino
