Valentino Revenues Dipped 3% in 2024
Underlining luxury's current lull, Valentino said its 2024 revenues decreased 3 percent to 1.31 billion euros amidst 'a challenging and complex landscape.'
At constant exchange rates, the decrease stood at 2 percent, while the Roman fashion house trumpeted that its direct retail, including e-commerce, improved 5 percent last year and represented 70 percent of revenues.
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The e-commerce channel accounted for 15 percent of direct sales last year, versus 11 percent in 2023, representing a 37 percent jump.
In a press release issued Friday morning, Valentino said it's currently 'rebalancing the wholesale channel,' which it reduced by approximately 20 percent in 2024, 'in favor of a more focused distribution through integrated partnerships.'
The company also highlighted a 51 percent jump in revenues at its beauty and fragrance business licensed to French beauty giant L'Oréal.
However, Valentino's earnings before interest, taxes, depreciation and amortization fell 22 percent to 246 million euros, affected by 'non-recurring items.'
Without giving exact figures, it said the Americas delivered 'positive year-on-year growth,' and Japan and the Middle East 'performed well.'
By contrast, Europe and Asia 'experienced challenging conditions, especially throughout the second half of the year.'
In a statement, Valentino chief executive Jacopo Venturini said Valentino 'made important progress in 2024 as we continue to nurture our maison's promise to enchant, surprise and inspire our clients in equal measure.
'Our work took a decisive step forward with the appointment of Alessandro Michele as our new creative director,' he said, referring to the March 2024 nomination of the former Gucci designer, who succeeded Pierpaolo Piccioli.
Michele's first designs, anointed 'Avant les Débuts' for the resort 2025 season, arrived in stores last September and October.
According to Venturini, his first creations for the house 'have already shown how Alessandro's extraordinary inspiration reinterprets the past through his unique and outstanding eyes, while embracing the freedom he has to fully express his creative genius.
'My gratitude goes to him and all the colleagues of the maison, who proved unstinting efforts and admirable commitment throughout a year of challenge and of progress,' Venturini added.
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