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Italy’s Valentino sees 2021 revenues close to pre-COVID levels

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 Italian fashion house Valentino is “very positive for the future” and expects revenues to approach pre-pandemic levels this year, financial daily Il Sole 24 Ore reported on Thursday, citing the group’s chief executive officer.

The positive outlook was backed by a 64% surge in the company’s first-half revenues from the same period in 2020, the newspaper quoted CEO Jacopo Venturini as saying.

“We are also close to being in line with 2019, our best year.”

Valentino’s revenues fell 27% last year at constant exchange rates to 882 million euros ($1.04 billion), as sales at the fashion house, founded in 1960 by Valentino Garavani, were hit by the COVID-19 pandemic and lockdowns.

Like peers, Valentino recorded strong online sales during the health crisis, but the luxury group plans to invest in its store network, currently spanning 225 outlets across 139 cities, Il Sole 24 Ore reported.

Valentino, which is controlled by Qatari investment vehicle Mayhoola, aims to mainly open in locations where it does not have a store yet, such as Venice and Geneva, and in the United States and mainland China, Venturini told the newspaper.