Operating profit falls in 2024 for Valentino
Italian fashion house Valentino announced a 22% fall in operating profit for 2024, citing weaker global demand for luxury goods, particularly in Asia, as reported by Reuters.
The company said profit declined to €246 million ($280 million), also impacted by one-off costs and continued investment in its directly-managed stores.
Revenue fell 2% at constant exchange rates to €1.31 billion, despite growth in Japan, the Middle East, and the Americas. Online sales rose 5%, in line with Valentino's strategy to expand its e-commerce business.
Chief executive Jacopo Venturini noted that the appointment of Alessandro Michele as creative director marked a significant shift for the brand. Michele, formerly of Gucci, joined in March 2024 after Pierpaolo Piccioli’s departure.
In 2023, Kering acquired a 30% stake in Valentino, with the option to purchase full ownership by 2028.
