Valentino’s Profits Dropped 22% in 2024

On Friday morning, I was privy to the financial report of Valentino for the entire year 2024, which showed a significant decrease of about 22% in profits, landing at €246 million EUR over the past twelve months. This decline comes as the company grapples with a slowdown in luxury shopping, particularly in Asia, making it challenging to maintain our usual profit levels.

Valentino experienced a 3% (or 2% when considering constant exchange rates) decrease in revenue, totaling approximately €1.31 billion EUR. The fashion label described the business environment as “difficult and intricate.” Importantly, online sales grew by 5%, representing 70% of the company’s overall annual revenues. In the future, Valentino aims to adjust its wholesale strategy towards more strategic partnerships for targeted distribution.

Reduced sales in the luxury industry can be attributed to several factors, including consumer fatigue following the pandemic, the impact of rising inflation rates, and the economic slowdown, debt crisis, and real estate downturn in China, a significant market for high-end brands. The implementation of President Donald Trump’s latest tariff increases has added to concerns about an extended period of declining sales within the sector.

In a related announcement accompanying the report, Jacopo Venturini, CEO of Valentino, stated, “We’ve made a significant leap with Alessandro Michele joining us as our new Creative Director.” The renowned designer from Gucci began working with the company in March of last year, succeeding Pierpaolo Piccioli, who held the position of Valentino’s creative director for 25 years.

Michelle’s leadership at the company has been widely praised by both critics and supporters, and his initial designs hit stores in September and October of last year. According to Venturini, Michelle’s debut collection has demonstrated how Alessandro’s exceptional imagination reimagines the past through his distinctive perspective, while allowing him the liberty to fully showcase his creative talent.

2023 saw me as a thrilled fan witnessing Kering, my beloved Gucci’s owner, securing a substantial 30% stake in Valentino. This significant deal, equipped with an option for Kering to acquire full ownership of Valentino by 2028, was estimated at an impressive $1.87 billion USD. Now, I’m excited to see Kering’s representatives taking their seats on the Valentino board, even as Mayhoola, the Qatari investment fund, continues to hold a majority stake (70%) of the share capital.

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Valentino’s Profits Dropped 22% in 2024

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