Valentino SpA

Valentino S.p.A. is an Italian luxury fashion house founded in 1960 by Valentino Garavani and part of the Valentino Fashion Group. The company has its registered office in Milan, while the creative direction and the Valentino Foundation is based in Rome, at Palazzo Gabrielli-Mignanelli. Its cosmetic line, Valentino Beauty license is owned by L'Oreal Group. Jacob Venturini has been CEO of Valentino since 2020 and Alessandro Michele creative director since 2024. The group reported €1.35 billion in sales in 2024.

History

Early history

Valentino was founded in 1960, when Garavani opened a fashion house on Via Condotti in Rome, Italy, with the backing of his father and his father's associate Giancarlo Giammetti.

Rise to popularity

Valentino's international debut took place in 1962 in Florence, the Italian fashion capital of the time. Valentino gained popularity in 1967 after releasing their “no colour” collection which consisted of white, beige, and ivory apparels. The collection did not use any psychedelic patterns, a commonly used design feature during this time. The V logo was also introduced. In the years following the brand expanded to New York City and Ro The label staged the first Valentino menswear show at Milan Fashion Week in 1985.Elisa Anzolin (16 June 2023)
Valentino returns to Milan Fashion Week with flowery menswear show
''Reuters''.

Valentino has also, especially, designed wedding dresses for Elizabeth Taylor, Anne Hathaway, Jennifer Lopez, Courteney Cox, Sophie Hunter, Nicola Peltz and Princess Madeleine of Sweden.

HdP Group, 1998–2002

In 1998, Garavani and Giammetti sold the company for approximately $300 million to the Holding di Partecipazioni Industriali (HdP), an Italian conglomerate controlled, in part, by the late Gianni Agnelli, the head of Fiat. HdP put Valentino inside the same unit as the apparel producer GFT Net and alongside the sportswear manufacturer Fila.Robert Galbraith (15 January 2002)
Italian Group Eager to Sell Off Valentino
''International Herald Tribune''.

In 2001, Opera – a fund controlled by the Rome jewelry firm Bulgari – started talks to buy Valentino, but pulled out after it was unable to agree on a price.

Marzotto Apparel, 2002–2007

In 2002, Valentino S.p.A., with revenues of more than $180 million, was sold by HdP to Marzotto Apparel, a Milan-based textile giant, for $210 million. It was rumored that HdP was displeased with Garavani's and Giammetti's personal expenses, a claim at which Giammetti has bristled. Following the acquisition, Michele Norsa became the company's CEO.

The Marzotto family, which controlled Valentino through several holding companies, including Tidus Srl and PFC Srl, spun off its fashion assets in 2005 to create Valentino Fashion Group.

In 2006, Stefano Sassi was appointed as CEO, replacing Michele Norsa. He would later be partially responsible for the brand's renaissance in the 2010s.

Permira, 2007–2012

From 2007, Valentino was controlled by private equity group Permira which had acquired the brand from the Marzotto Group for 2.6 billion euros ($3.5 billion).Suzy Menkes (5 September 2007)
Valentino and Partner Will Be Leaving His Fashion House
''New York Times''. Later that year, Valentino and Giammetti announced that both would resign from the company in early 2008.

In 2007, Alessandra Facchinetti was named as the creative director of women's collections with Maria Grazia Chiuri and Pierpaolo Piccioli named as co-creative directors of the accessories. Maria Grazia Chiuri and Pierpaolo Piccioli took over Facchinetti's role the following year. Under their direction, Valentino introduced a modernised aesthetic that Vogue described as "fresh-faced girls in long, fragile dresses" and the success of the introduction of the "Rockstud" accessory line and "Rockrunner" sneakers.

In 2008, Valentino opened its first boutique in China, at the Peninsula Palace Hotel in Beijing. By December 2009, hit by the financial crisis, Valentino had to restructure its debt.

Mayhoola, 2012–present

In 2012, Qatari aristocrats acquired Valentino for 700 million euros through an investment vehicle called Mayhoola for Investments S.P.C. Mayhoola bought up both Permira's stake and Marzotto's minority interest.

In 2016, Maria Grazia Chiuri left Valentino to join Dior as creative director with Pierpaolo Piccioli becoming the sole creative director. Under Picciolo's direction, the fashion would the fashion house would shift towards a more progressive image. In 2019, Valentino championed diversity by starring Adut Akech and Anwar Hadid in their advertising campaign for their "Born in Roma" fragrance. In 2020, Valentino adopted a co-ed model - the merging of men's and women's shows - for its presentations, a decision that was reversed in 2023. In January 2022, Valentino presented their Spring/Summer 2022 Haute Couture collection on models with a diverse range of body types.

In 2020, Jacopo Venturini replaced Stefano Sassi as CEO. Under his leadership, the fashion house announced that it would no longer use alpaca wool and severed ties with Mallkini, the world's largest privately owned alpaca farm in Peru. The move followed revelations of animal abuse within the alpaca industry. This was followed by going fur-free in 2022.

Valentino also decided to shutter Red Valentino, the fashion house's diffusion line, in aims of focusing on the company's core ready-to-wear and couture divisions. Their Fall/Winter 2023 collection would be the last for the line.Elisa Anzolin (24 April 2023)
Valentino sales up 10% in 2022 boosted by directly-owned shops
''Reuters''.

In 2023, Valentino earned the Education of Excellence Award at the CNMI Sustainable Fashion Awards for fostering education in Italy.

Kering purchased 30% of Valentino in July 2023, they intend to purchase the entire company by 2028.

In March 2024, Valentino announced the departure of creative director Pierpaolo Piccioli, as a joint decision. Following his departure, Valentino announced the appointment of Alessandro Michele as the next creative director. Michele rose to global recognition for executing a turn-around at Gucci during the 2010s centering on a quirky androgynous aesthetic. In June 2024, Valentino released images of Michele's first designs for Resort 2025. His debut runway show was during Paris Fashion Week for Spring/Summer 2025. Critical response to the collection has centered on the clear through-line with Michele's work at Gucci.

Other brands

Perfumes

Valentino's fragrances have included: Valentino Classique for women (1978), Vendetta By Valentino for women (1991), Very Valentino for women (1998), Very Valentino for Men (1999), Valentino Gold for women (2002), V for women (2005), Valentino V Absolu for women (2006), Valentino V Ete By Valentino for women (2006), Rock'n'Rose for women (2006), V pour Homme for men (2006), Rock n' Rose Couture for women (2007), and Valentina for women (2011).

In 2020, Valentino Beauty announced the release of a new perfume, ''Voce Viva'', and announced Lady Gaga as its égérie.

From 2010 to 2018, Valentino Perfumes was licensed to Puig. Since then, it has been working with L'Oréal.

Eyewear

In addition to L’Oréal for beauty and fragrances, Valentino has only one other license, for eyewear. For years, it worked with Marchon Eyewear and Luxottica (2017–2021). In 2021, the label signed a 10-year license agreement with the Switzerland-based Akoni Group for the design, manufacture and worldwide distribution of the brand's prescription frames and sunglasses.

Red Valentino

In 2003, Maria Grazia Chiuri and Pierpaolo Piccioli, then accessories directors, launched a younger diffusion line called Red Valentino.Alessandra Turra (15 October 2012)
Red Valentino Taps Into Brand’s Dreamy Side
''Women's Wear Daily''. Initially licensed to Sinv SpA, Valentino brought the line’s production in-house in 2009. By 2015, Red Valentino accounted for around 10 percent of Valentino Group’s sales. The line was discontinued in 2022.

Governance

CEOs

* 2002-2006: Michele Norsa
* 2006-2020: Stefano Sassi
* Since 2020: Jacopo Venturini

Creative directors

* 1959-2007: Valentino Garavani
* 2007-2008: Alessandra Facchinetti
* 2008-2016: Maria Grazia Chiuri (alongside Pierpaolo Piccioli)
* 2008-2024: Pierpaolo Piccioli
* Since 2024: Alessandro Michele

Financial data

Notable campaigns

For its advertisement campaigns, Valentino has in the past worked with photographers including Deborah Turbeville (2011) Terry Richardson (2016), Inez and Vinoodh (2020) and Michael Bailey-Gates (2022).

For Valentino's Spring/Summer 2016 women's ready-to-wear collection, which referenced African culture, sporting prints and motifs commonly seen across the continent, photographer Steve McCurry shot a campaign set against the backdrop of Amboseli National Park in Kenya and included local Maasai people. The campaign sparked criticism on social media regarding perceived racial insensitivities.

Amid the COVID-19 pandemic in 2020, Piccioli enlisted 23 celebrities – including Laura Dern, Frances McDormand and Gwyneth Paltrow – for his campaign. Instead of being paid for their work, all of the Valentino subjects donated their fees (a total of 1 million euros) to the Lazzaro Spallanzani National Institute for Infectious Diseases in Rome; in return, they got to pick who would capture their image, as well as what word they thought represented the values society needed at that time.

Gender equality

In January 2024, Valentino became one of the first luxury companies to obtain Gender Equality Certification for its efforts in the field of equal pay. The luxury house succeeded in reducing the pay gap to less than 10% and a further reduction is planned over the next three years.

Legal issues

In 2020, Valentino and Amazon filed a joint lawsuit against New York-based Kaitlyn Pan Group for allegedly counterfeiting Valentino's Rockstud shoes and offering them for sale online.

Amid the COVID-19 pandemic in the United States, Valentino sought in June 2020 to end the lease for its American flagship on New York's Fifth Avenue nine years early, saying the pandemic made it impossible to run the store "consistent with the luxury, prestigious, high-quality reputation" of its neighborhood. After a New York state trial judge dismissed that lawsuit, the landlord sued Valentino for $207.1 million, mainly to recover unpaid rent and to repair store damage. By 2023, Valentino settled litigation with the landlord.Jonathan Stempel (4 April 2023)
Valentino settles litigation over pandemic-shuttered Manhattan boutique
�''Reuters''.

See also

* Black and white Valentino dress of Julia Roberts
* Valentino Ready-to-Wear runway collections
* '' Valentino: The Last Emperor''
* Yellow Valentino dress of Cate Blanchett

References

External links

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{{DEFAULTSORT:Valentino Spa

Italian suit makers
Clothing brands of Italy
Haute couture
High fashion brands
Fashion accessory brands
Watch manufacturing companies of Italy
Clothing companies established in 1960
Design companies established in 1960
Italian companies established in 1960
Private equity portfolio companies
Eyewear brands of Italy
Manufacturing companies based in Milan
Valentino Fashion Group
Permira companies