Valentino Hits the $1 Billion Sales Mark
The luxury label reached their goal sooner than expected.
Valentino has reached the $1 billion mark.
According to WWD, the Italian fashion house made roughly $1.09 billion (or 987 million euros) in sales last year, a 48 percent hike from the previous year when it made $880.4 million.
"The one-billion figure is symbolic; we have arrived at a dimension and critical mass that the brand did not have, with significant cash and profitability," Stefano Sassi, CEO of Valentino, told the fashion trade. Sassi added that the luxury label and its investor, Qatar-based Mayhoola, originally had a goal in 2012 "to reach 1 billion euros in five years, but we reached it in three years."
Sassi credits creative directors Maria Grazia Chiuri and Pierpaolo Piccioli for the brand's success.
Chiuri and Piccioli's designs are no stranger to Hollywood, as Olivia Wilde most recently wore one of their creations to Sunday night's Oscar ceremony and Adele performed in a pre-fall 2016 sequin stunner at this year's Brit Awards. Not only does the fashion house have a major presence on the red carpet, it also played a major role in helping Ben Stiller and Owen Wilson announce the release of Zoolander 2 last year.
Despite reports of Valentino planning for an initial public offering, Sassi denied the idea since "market conditions are unfavorable" and stated, "There will be no IPO before 2017."
As for the highly discussed "see-now, buy-now" model this season, Sassi didn't dismiss the idea completely, sharing, "For sure we want to innovate at a digital level. That is a revolution and we are aware of the opportunities."