Latest news with #Venturini
Fashion Network
30-06-2025
- Business
- Fashion Network
Valentino confirms CEO Jacopo Venturini is on sick leave
Italian luxury brand Valentino said on Monday its chief executive, Jacopo Venturini, is currently on sick leave after an Italian fashion news outlet reported the executive may be stepping down. The company—controlled by Qatari investment fund Mayhoola—issued a brief statement in response to a Reuters inquiry, offering no further details or comment on Venturini's potential departure. Venturini, who previously held a senior role at Gucci, was appointed chief executive of Valentino in 2020 and has since overseen several key leadership and creative shifts at the brand. Last year, the Italian fashion house named Alessandro Michele as creative director, following the exit of long-serving Pierpaolo Piccioli. The brand later reported a 2% decline in revenue and a 22% drop in core profit for the year. French luxury group Kering bought a 30% stake in Valentino in 2023. The deal included reciprocal put and call options for Kering—currently struggling to relaunch its flagship brand Gucci—to acquire full ownership of Valentino's share capital between May 2026 and 2028. © Thomson Reuters 2025 All rights reserved.
Fashion Network
30-06-2025
- Business
- Fashion Network
Valentino confirms CEO Jacopo Venturini is on sick leave
Italian luxury brand Valentino said on Monday its chief executive, Jacopo Venturini, is currently on sick leave after an Italian fashion news outlet reported the executive may be stepping down. The company—controlled by Qatari investment fund Mayhoola—issued a brief statement in response to a Reuters inquiry, offering no further details or comment on Venturini's potential departure. Venturini, who previously held a senior role at Gucci, was appointed chief executive of Valentino in 2020 and has since overseen several key leadership and creative shifts at the brand. Last year, the Italian fashion house named Alessandro Michele as creative director, following the exit of long-serving Pierpaolo Piccioli. The brand later reported a 2% decline in revenue and a 22% drop in core profit for the year. French luxury group Kering bought a 30% stake in Valentino in 2023. The deal included reciprocal put and call options for Kering—currently struggling to relaunch its flagship brand Gucci—to acquire full ownership of Valentino's share capital between May 2026 and 2028. © Thomson Reuters 2025 All rights reserved.
Fashion United
30-06-2025
- Business
- Fashion United
Valentino: CEO Jacopo Venturini to reportedly step down
Valentino CEO Jacopo Venturini was reportedly leaving the company. According to The Platform, the executive was on leave and is to now exit the company "to take time for himself". The company confirmed to MFF that "Venturini was temporarily absent and on leave for health reasons". Valentino's revenue was relatively stable compared to the previous year, totalling 1.31 billion euros in 2024, down 2 percent at constant exchange rates and 3 percent at current exchange rates, year-over-year. In 2023, the company closed at 1.35 billion euros. 'We made significant progress in 2024, continuing to cultivate our maison's promise to enchant, surprise and inspire our customers in equal measure and in line with the brand's values since its foundation, from unparalleled attention to detail to dedication to excellence. Our work took a decisive step forward with the arrival of Alessandro Michele as the new creative director,' underlined Venturini in a statement last April. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
New York Times
18-04-2025
- New York Times
Battling ‘Eat and Flee' Tourists, Venice Brings Its Entrance Fee Back
Early Venetians battled the waves of seawater around them by building sea walls of stone and adapting their lagoon to fit their needs. Now Venetians are battling waves of what officials call 'eat and flee' tourists, who throng to the city's landmarks with packed lunches, dump their garbage and leave without spending much money in Venice. Day trippers will have to start paying an entrance fee to visit the city starting Friday, a controversial levy meant to dissuade people from coming during peak periods. This year, city officials have nearly doubled the number of days in which the fee will be enforced, up to 54 days. (It was enforced for 30 days in 2024.) And a new wrinkle will punish the unorganized: Visitors who wait until the last minute to get their entry permits will pay 10 euros instead of five. The entrance fee was introduced last year with the aim of reducing what city officials call 'mordi e fuggi' tourism, or 'eat and flee,' referring to visitors who crowd places like the Rialto Bridge and St. Mark's Square for brief visits that do not benefit the local economy much, if at all. The fee has been a good tool to 'explain to the world that Venice is unique and fragile and that tourism to Venice must be more respectful,' Simone Venturini, Venice's municipal councilor in charge of tourism, said in an interview. Overtourism has for years threatened Venice's fragile ecosystem and historic architecture, according to experts. The city recently banned cruise ships from its lagoon and has taken other measures to counteract the crowding. But it has also fallen under the scrutiny of the United Nations' culture agency, UNESCO, whose experts fear that not enough is being done to protect the fragile city. In 2023, Venice risked being added to UNESCO's list of Endangered World Heritage Sites after experts at the agency listed mass tourism, along with climate change and development, as a major threat to its future. It urged the city's leaders to take steps to ameliorate the damage. The city has cited the access fee as one positive measure, and so far Venice has managed to stay off the 'in danger' list. A UNESCO expert mission returned to Venice last fall, and the city and its lagoon will be discussed again by the World Heritage Committee at a meeting in Paris in July, U.N. officials said Friday. For visitors who book ahead, the access fee remains 5 euros. But it will cost twice that for trips booked within three days of arrival. Last year, the city collected around 2.8 million euros, about $3.2 million, from the fee, Mr. Venturini said. Most of the funds went to cover the costs of implementing the system, which he said was still in an experimental phase. Critics say that if the fee's goal was to stop people from coming, it hasn't worked. An analysis of the data from last year's trial, published by the Venice city government, found 'no significant fluctuations between the days on which the access fee was provided and those on which it was not. Paradoxically, higher attendance was recorded on days when the trial was active.' 'This shows what was obvious from the beginning: You cannot govern a complex city like Venice by turning the city into a theme park with an entrance fee,' said Monica Sambo, an opposition member of Venice City Council. A more structured approach to regulating tourism was necessary, she said, with rules like capping the number of day trippers allowed into the city and regulating lodging for tourists. She added that the city should have other priorities, like policies to promote affordable housing and employment opportunities that would 'counteract the tourist monoculture' that has grown to dominate the city's economy in recent decades. The fee is applied to single-day travelers in Venice between 8:30 a.m. and 4 p.m., and it will be enforced through late July. The city has established a website for visitors to register and learn more. While just about everyone visiting the city has to register and obtain a QR code, not all visitors have to pay the fee. Overnight guests at registered accommodations, like hotels or vacation rentals, are exempt because they already pay a daily tourist tax. There are other exemptions as well, including people who study or work in Venice and those visiting relatives. To track the flow of visitors, the city already monitors them via phone location data and security cameras, a system some critics have likened to invasive mass surveillance. The city has also imposed a limit of 25 people per tour group and banned the use of megaphones. Mr. Venturini said the access fee also helps the city monitor tourist activity, so that it can better prepare city services for its consequences — everything from transportation to garbage collection. 'It's a very important instrument that no other city has,' he said.
Yahoo
18-04-2025
- Business
- Yahoo
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. More from WWD EXCLUSIVE: Alessandro Michele Unveils Valentino Fall Campaign Celebrating the Beauty of Everyday Moments Meet the Woman Behind Some of the Most Memorable Fashion Shows Parker Posey on 'The White Lotus,' Viral Fame and Finding Joy in the Art of Escape 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. Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange
