The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — Italian fashion house Valentino said on Thursday it would cut its prices in Asia to bring them into line with European prices.
Consumers are increasingly inclined to compare prices online and travel to buy luxury goods where they are cheaper.
"Prices of products in Europe will remain unvaried, while those in Asia will be reduced," a statement said, referring to Greater China and South East Asia.
"The strategy is aimed at continuously improving the image of the brand ... (and) to protect the interests of clients and foreign direct investments made in retail recently."
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The sector is under pressure from a sharp economic slowdown in China and recession in Russia, as well as plunging oil prices and security threats hurting tourist spending elsewhere.
The luxury brand, owned by Qatar's Mayhoola for Investments, said sales were up by over nine percent to €256 million ($290 million) in the first three months of the year, from €234 million in the same period last year.
It added that sales grew in all markets and in "double digit" percentages in the United States and Japan.
The Rome-based designer is considering a stock market listing, possibly in the second half of 2016.
By Giulia Segreti; editor: Ruth Pitchford.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.