April 2023

MILAN — A rebalancing of its retail and wholesale channels contributed to Valentino’s gains in revenues and profits last 12 months. Within the 12 months ended Dec. 31, sales on the Rome-based couture house reached 1.42 billion euros, climbing 15 percent compared with 1.23 billion euros in 2021. At constant exchange, revenues rose 10 percent. “After years of single-digit growth, we succeeded in going beyond,” said chief executive officer Jacopo Venturini proudly. He attributed this to a change in the corporate’s business model. Valentino reported 21 percent growth in its directly operated stores network, including e-commerce, while the wholesale channel registered a 6 percent decrease. “These results are fully in keeping with our strategy of rebalancing wholesale versus retail by increasingly reducing the wholesale activity...