{"id":21243,"date":"2023-04-24T13:59:08","date_gmt":"2023-04-24T13:59:08","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/valentino-sales-up-10\/"},"modified":"2023-04-24T14:01:54","modified_gmt":"2023-04-24T14:01:54","slug":"valentino-sales-up-10","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/valentino-sales-up-10\/","title":{"rendered":"Valentino sales up 10% in 2022 boosted by directly-owned shops"},"content":{"rendered":"

MILAN (Reuters) – Italian fashion house Valentino reported on Monday an 18% rise in core profit for 2022 as sales rose 10% at constant currencies, boosted by its directly operated shops and defying a weak Chinese market.<\/p>\n

Controlled by Qatari investment vehicle Mayhoola, Valentino reported preliminary revenue of 1.42 billion euros ($1.56 billion) last year.<\/p>\n

Sales in shops the group manages directly, including online ones, grew twice as fast as overall revenue, while the wholesale channel posted a 6% drop.<\/p>\n

“Geographically speaking, Europe, North America, and the Middle East lead the way, while Greater China was still shaky tied to Covid,” it said.<\/p>\n

Core profit came in at 337 million euros, up by nearly a fifth from the previous year, while operating profit grew 30% to 121 million euros. <\/p>\n

Valentino, led since mid-2020 by CEO Jacopo Venturini, a former Gucci executive, has been “reducing the wholesale activity to focus only on a selected partnership distribution”, it said in a statement. <\/p>\n

Directly operated shops accounted for 62% of sales in 2022 compared to 54% in 2019.<\/p>\n

Under Venturini, Valentino went fur-free in 2022. It also decided to focus on the main Valentino line, ending the REDValentino one, aimed more at younger customers, with the fall-winter 2023-24 season.<\/p>\n

During the course of last year it kicked off its e-commerce internalization programme starting with Japan and expanding it to the United States and the rest of the world.<\/p>\n

Valentino also said it had overhauled its remuneration policy to introduce for the first time a pay-for-performance structure. ($1 = 0.9109 euros)<\/p>\n

\n

(Reporting by Elisa Anzolin; editing by Valentina Za)<\/p>\n

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MILAN (Reuters) – Italian fashion house Valentino reported on Monday an 18% rise in core profit for 2022 as sales rose 10% at constant currencies, boosted by its directly operated shops and defying a weak Chinese market. Controlled by Qatari investment vehicle Mayhoola, Valentino reported preliminary revenue of 1.42 billion euros ($1.56 billion) last year. […]<\/p>\n","protected":false},"author":8,"featured_media":21244,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-21243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3N09O-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=21243"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21243\/revisions"}],"predecessor-version":[{"id":21246,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/21243\/revisions\/21246"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/21244"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=21243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=21243"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=21243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}