Rome-based Valentino flagged “early positive results” starting from the fourth quarter last year as the brand registered its final figures for 2020 with Italian authorities.

Sales fell 27 percent to €882 million ($1.1 billion) last year as Valentino was “strongly penalised” by the coronavirus crisis, the company said. Earnings swung to a net loss of €127 million, compared to a €33 million profit in 2019.

Under chief executive Jacopo Venturini, who joined from Gucci last June, the brand is currently trying to reinvigorate sales, leaning on hit items like its “rockstud” line as well as phasing out the wholesale-driven “Red” sub-brand.