{"id":138267,"date":"2024-04-23T19:21:49","date_gmt":"2024-04-23T17:21:49","guid":{"rendered":"https:\/\/luxus-plus.com\/valentino-reports-sluggish-2023-results\/"},"modified":"2024-04-23T19:23:13","modified_gmt":"2024-04-23T17:23:13","slug":"valentino-reports-sluggish-2023-results","status":"publish","type":"post","link":"https:\/\/luxus-plus.com\/en\/valentino-reports-sluggish-2023-results\/","title":{"rendered":"Valentino reports sluggish 2023 results "},"content":{"rendered":"

The Italian fashion house has just announced declining sales and operating profit for 2023. Kering, its 30% shareholder, is counting on its newly appointed artistic director, Alessandro Michele (ex Gucci), to awaken the sleeping beauty’s desirability.<\/h4>\n

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Will<\/strong><\/b> Alessandro Michele<\/strong><\/b>, Valentino’s brand-new Artistic Director, make the same kind of impact at Valentino as<\/strong><\/b> he did in his early days at Gucci<\/strong><\/b>?<\/p>\n

We can imagine that Kering, which took a 30% stake in the Italian House in 2023<\/strong><\/b>, with an option to buy out the current owner, the Qatari fund Mayhoola, by 2028, would like him…<\/p>\n

But with the luxury goods market hardening, he may find it difficult to repeat the feat<\/strong><\/b>…<\/p>\n

However, the House where Pierpaolo Piccioli<\/strong><\/b> has been styling for a quarter of a century could do with a little wake-up call<\/strong><\/b>. Its 2023 performance<\/strong><\/b>, while not disastrous, is hardly flamboyant<\/strong><\/b>.<\/p>\n

On April 22, the Italian fashion house revealed that its revenues fell by 3% at constant exchange<\/strong><\/b> rates to 1.35 billion euros ($1.44 billion) last year<\/strong><\/b>. Operating profit fell by 18%<\/strong><\/b> to 99 million euros, while EBITDA<\/strong><\/b> (including the impact of IFRS16) was down 7%<\/strong><\/b> to 314 million euros, compared with 2022.<\/p>\n

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Contrasting performances<\/h2>\n

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The Group’s performance is, however, mixed, both geographically<\/strong><\/b> and in terms of distribution channels<\/strong><\/b>.<\/p>\n
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