Italy's Valentino sees 2021 revenues close to pre-COVID levels - paper
09/09/2021 07:26
ROME, Sept 9 (Reuters) - 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. urn:newsml:reuters.com:*:nL8N2KO460
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.
($1 = 0.8466 euros)
(Reporting by Giulia Segreti; Editing by Devika Syamnath)
((Giulia.Segreti@tr.com; +39.06.80307714;))