ROME (Reuters) – The Italian fashion sector in Valentino decreased by 22 % last year.
European luxury groups rely on the wealthy Americans to start growth as expectations of China have remained dark. But after the tariff policy of President Donald Trump, the sector is preparing for what could be the longest stagnation in years.
Valentino said that the costs for one time paid its operating profits to 246 million euros (280 million dollars) in 2024, when it continued to invest in the stores that manage it directly.
Revenue decreased by 2 % at fixed exchange rates to 1.31 billion euros, despite good sales in Japan, the Middle East and the Americas.
She said that online sales increased by 5 % compared to the previous year, in line with the group’s goal to enhance e -commerce.
“Our work has taken a decisive step with Alessandro Michel as a new creative director,” CEO Jacobo Venturyini said in a statement.
Valentino rented a former Gucci designer in March last year after the exit of creative director Perbulo Pixiole, who was in this position for 25 years.
In 2023, KERING has bought a 30 % 30 % stake in Valentino with an option to completely buy the company’s capital by 2028.
($ 1 = 0.8796 euros)
(This story was corrected to say a billion, not a million, in paragraph 4)
(Participated in the reports of Julia Sigri; edited by Emia Setol-Matis)
https://media.zenfs.com/en/reuters-finance.com/5c9132c92005afc71cbbe590d1a06ca8
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