Valentino announced an 18% increase in core earnings for 2022 as sales grew 10% at constant currencies, despite a sluggish Chinese market.
Valentino, owned by Qatari investment company Mayhoola, recorded preliminary revenue of 1.42 billion euros ($1.56 billion) last year.
Sales at stores the firm directly runs, including online ones, increased twice as quickly as overall income, while the wholesale channel dropped 6%.
“Geographically speaking, Europe, North America, and the Middle East lead the way, while Greater China was still shaky tied to Covid,” it stated.
Core profit rose 19% to 337 million euros, while operational profit rose 30% to 121 million euros.
Valentino has been “reducing the wholesale activity to focus only on a selected partnership distribution” since mid-2020 under CEO Jacopo Venturini, a former Gucci executive.
In 2022, direct run-stores made 62% of sales, up from 54% in 2019.
Venturini made Valentino fur-free in 2022. With the fall-winter 2023-24 season, it discontinued the younger-targeted REDValentino label to focus on Valentino.
It began its e-commerce internalization program in Japan last year and expanded to the US and other countries.
Valentino also announced a new pay-for-performance system.
