On April 18, Italian luxury house Valentino announced its full-year financial results for 2024, reporting a 3% year-on-year decline in revenue to €1.31 billion and a 22% drop in EBITDA to €246 million. The company described the results as reflecting a “challenging and complex landscape,” likely influenced by global economic instability and a slowdown in luxury spending.
Direct Sales Support Overall Performance
Despite the difficult economic climate, Valentino’s direct sales, including e-commerce, grew by 5% year-on-year and accounted for 70% of total revenue. Notably, e-commerce expanded from 11% of total sales in 2023 to 15% in 2024, representing a 37% increase at constant exchange rates.
Conversely, the wholesale channel was reduced by approximately 20% in 2024, as the company emphasized its strategy to focus on “more selective distribution and integrated partnerships.” Valentino’s retail-led approach remains central to its medium- to long-term growth plans.
Regional Performance and Beauty Division Growth
Regionally, Japan, the Middle East, and the Americas delivered year-on-year growth, while sales in Europe and parts of Asia weakened, particularly in the latter half of the year.
Meanwhile, the beauty and fragrance division, licensed to L’Oréal, posted a significant 51% year-on-year increase in sales. The brand’s diversification and expanding product portfolio have become key pillars supporting overall performance.
Creative Rebuilding Under Alessandro Michele
Another major turning point in 2024 was the appointment of Alessandro Michele as creative director. Having previously led Gucci for many years, Michele joined Valentino in March 2024 as the successor to Pierpaolo Piccioli, who had helmed the brand for 25 years. He is now steering the maison through a period of creative transformation.
Michele’s debut collection, Avant les Débuts, released between September and October, received a warm reception from fans and critics alike. CEO Jacopo Venturini commented, “His first collections, launched in the final months of 2024, have already demonstrated how Alessandro’s extraordinary vision reinterprets the past through his unique lens and seamlessly blends with the freedom through which he fully expresses his creative genius.”
Advancing Sustainability and Human Capital Initiatives
Beyond financial performance, Valentino has also strengthened its organizational commitments. In 2024, the company retained its Gender Equality Certification for the second consecutive year. It also introduced a new employment contract for boutique and outlet staff, as well as a productivity bonus program for all employees in Italy—measures aimed at improving workplace conditions and investing in talent.
In terms of sustainability governance, Valentino has taken steps to reinforce long-term initiatives, including the formation of dedicated committees, enhanced internal training, and the launch of cross-functional working groups.
Mayhoola Remains Majority Shareholder as Kering Enters Board
Valentino was acquired in 2012 by Mayhoola, an investment firm backed by Qatar’s royal family, which continues to hold a 70% majority stake in the company. In July 2023, French luxury group Kering acquired a 30% stake in Valentino for approximately €1.7 billion. Kering holds an option to acquire full ownership by 2028 and has already secured representation on the board of directors.
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