Valentino has reported a 27 percent drop in overall sales across 2020.
The decline in performance came despite a 77 percent surge in e-commerce sales on its web store amid the global coronavirus pandemic. China’s recovering market also contributed to lessening the blow, increasing 44 percent in retail sales over the course of last year. Revenues for the Italian fashion label came in at €882 million EUR for 2020, or roughly $1.065 billion USD, although the company managed to see a “rosy upturn” during the fourth quarter under the leadership of new CEO Jacopo Venturini.
After unveiling its pre-fall 2021 collection back in December, Valentino’s wholesale orders matched 2019 levels, translating to a 25 percent increase over pre-spring items launched earlier in the year. As the brand’s first project designed for its turnaround plan, company chairman Rachid Mohamed Rachid says the collection “has positively impacted global business” already. The company is now seeking to further bounce back from the pandemic economy, which has led to widespread travel bans and lockdown regulations.
In other related news, Kering sees a growth slump in 2020 Q4 as Gucci sales drop 10 percent.