Valentino Reports 2% Revenue Dip, 22% EBITDA Fall in 2024

Valentino reported a 2-3% decline in revenues for 2024, totaling €1.31 billion, reflecting continued challenges in the global luxury market, particularly in Europe and parts of Asia. Despite the downturn, retail—including e-commerce—grew by 5% and now accounts for 70% of revenues, as the brand shifts its focus toward direct sales and trims its wholesale channel by about 20%. E-commerce alone saw a 37% surge, making up 15% of direct sales, while the beauty and fragrance sector, licensed to L'Oréal, posted a strong 51% sales increase. EBITDA dropped 22% to €246 million, partly due to non-recurring expenses related to leadership changes. CEO Jacopo Venturini emphasized the significant progress made following the appointment of Alessandro Michele as creative director, with his first collections being well received. Looking ahead, industry observers are watching how Michele’s vision will impact the brand as Kering, already a 30% stakeholder, eyes full acquisition by 2028.