VALENTINO returns to profit and continues investments
Valentino SpA, part of Valentino Fashion Group (owned by Permira investment fund and the Marzotto family) registered an important increase in its turnover in 2010 with a total of 274,3 million euros, compared to 231,9 million euros in 2009. In 2010, the company returned to profit with an EBITDA 7,5 million euros compared to the -9,3 million euros in 2009.
In 2010 the company invested 10 million euros in renovating some of its flagship stores, in Milan and Beverly Hills as well as corners in major department stores. In 2011, the company will invest 20 million euros in new store opening in Asia as well as marketing efforts.
Valentino Fashion Group also owns Marlboro Classic and M Missoni, both brands having been considerably affected by the crisis, due to their retail concentration in Europe. In 2010, Permira and Marzotto family created Red & Black Lux, a separate company which controls German based Hugo Boss, which used to be part of the VFG. Much of Valentino’s revival burden has been absorbed by Hugo Boss, which has been showing an exceptional performance in the past year.