CEO says Valentino is not for sale
It seems the owners of the luxury Valentino brand have decided to build it up rather than putting it up for sale for the time being.
The Italian fashion house’s CEO, Stefano Sassi, told Reuters that despite speculation it is looking for a buyer, the aim for now is to see Valentino close the gap with larger rivals and pursue expansion worldwide.
The brand is co-owned by private equity fund Permira and the Marzotto family. Asked about rumours that Permira was looking to sell, Mr Sassi said at the Reuters Global Luxury Summit: "No. I don't think so. There is a job to be done. The recovery is just starting."
He added that sales were expected to grow by around 10% this year having fallen 7-8% in 2009. The estimate is based on expectations of a strong performance in the second half of the year. The brand hopes to achieve sales of EUR 400 million by 2014, up from EUR 240 million in 2009.
