Rome-based Valentino’s revenues fell to €882 million million last year, but the company says it saw a “rosy upturn” in the fourth quarter as it seeks to bounce back from the pandemic under new CEO Jacopo Venturini.
Sales on Valentino’s e-commerce site jumped 77 percent last year, while retail sales in Mainland China rose 44 percent.
But those bright spots weren’t enough to offset the impact from store closures and travel restrictions. Valentino’s 27 percent drop in sales was deeper than the impacts reported by luxury groups Kering and LVMH in recent weeks.
Following a “crippling” impact from the coronavirus crisis during the first half, wholesale orders for its pre-fall 2021 collection revealed in December were in line with 2019 levels, the company said, marking a 25 percent improvement versus the pre-spring items revealed in July.
The pre-fall collection, which dug into Valentino’s 1970s heritage with printed caftans and palazzo pants and was the first one designed under the brand’s turnaround plan, “has positively impacted global business” already according to chairman Rachid Mohamed Rachid.