Valentino’s 2021 sales are up 41% as listing isn’t in the fashion house’s plans

ROME, March 21 (Reuters)Italian fashion house Valentino posted a 41% rise in sales last year at constant exchange rates and no longer plans to go public, chief executive Jacopo Venturini said in an interview published Monday.

Revenue was €1.23 billion ($1.36 billion) in 2021, 3% higher than pre-pandemic levels of 2019. The rise was driven by strong demand of accessories which now account for two-thirds of total sales, Venturini told financial weekly L’Economia. – Corriere della Sera.

Founded in Rome in 1960 by Valentino Garavani and controlled by Qatari investment vehicle Mayhoola, the company expected a strong recovery in activity this year after first-half revenue jumped 64%.

The CEO, in charge of the house since June 2020, declared “the hypothesis (of a quotation) is absolutely no longer there”.

Although Valentino’s revenue is lower than its competitors, the “size (is) right for sustainable growth,” he said.

The share of online sales has increased from 5% to 16% of the total and the group plans to open 21 stores this year, including four in China, Venturini said.

($1 = 0.9061 euros)

(Reporting by Giulia Segreti; Editing by Aditya Soni)

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