- Prachi Singh |
Luxury label Valentino has crossed the 1 billion euros (1.07 billion dollars) revenue mark in 2016, says a report by Fashion Network. After the label was acquired by private equity firm Mayhoola in 2012, the company that also took over Balmain last year, it had set a target of hitting one billion mark in five years and the label has posted growth every year following the acquisition.
For the fiscal year, the company’s sales stood at 1.11 billion euros (1.19 billion dollars), up 12.4 percent compared 47 percent jump in sales last year, the report added. The company’s EBIT reached 206 million euros (221 million dollars), up 14.4 percent on the last year with a margin of approximately 18 percent of total sales.
The company globally operates 175 mono-brand stores of the brand and its retail sales account more than half (55 percent) of the total revenues. The company aims to open doors to around twenty new stores this year, some of which would be dedicated to menswear, a fast-growing segment under the brand that contributes around 200 million euros (215 million dollars) in revenue. Fashion accessories also account for 50 percent of the label's total turnover.
The company’s growth momentum was backed by its 275 million dollars to 330 million dollars investment into building the retail store network, while focusing its wholesale network to sell Valentino products at high-end boutique stores. After Maria Grazia Chiruri’s exit as the co-creative director, Valentino’s collections are now solely managed by its current Creative Director Pierpaolo Piccioli.Picture:Valentino website