Valentino (fashion house)

Last updated

Valentino S.p.A.
Company type Società per azioni
Industry Fashion
Founded1960;64 years ago (1960)
Rome, Italy
Founder Valentino Garavani
HeadquartersVia Turati, 16/18,
Milan
,
Italy
45°28′29″N9°11′34″E / 45.474628°N 9.1929121°E / 45.474628; 9.1929121
Key people
Stefano Sassi (CEO) [1]
Products
€1,419 billion (2022)
Owner
Website valentino.com
White Valentino dresses in celebration of Valentino's 45 years in fashion Valentinowhitedresses.jpg
White Valentino dresses in celebration of Valentino's 45 years in fashion
Valentino store in Hong Kong Hong kong during typhoon utor 14.08.2013 04-45-44.JPG
Valentino store in Hong Kong

Valentino S.p.A. is an Italian luxury fashion house founded in 1960 by Valentino Garavani and part of the Valentino Fashion Group. From October 2008, the creative director is Pierpaolo Piccioli, jointly with Maria Grazia Chiuri from 2008 to 2016. Piccioli departed Valentino in 2024. [2] The company is headquartered in Milan, while the creative direction is in Rome. The Valentino Beauty license is held by L'Oreal.

Contents

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. [3]

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 during this time. The V logo was also introduced and the years following the brand expanded to New York City and Ro [4] The label staged the first Valentino menswear show at Milan Fashion Week in 1985. [5]

Valentino has also, especially, designed wedding dresses for Elizabeth Taylor, Anne Hathaway, Jennifer Lopez, Courteney Cox, Sophie Hunter, Nicola Peltz [6] and Princess Madeleine of Sweden. [7] [8]

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. [9]

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. [9]

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. [3]

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. [10]

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). [11] Later that year, Valentino and Giammetti announced that both would resign from the company in early 2008. [11]

In 2008, Valentino opened its first boutique in China, at the Peninsula Palace Hotel in Beijing. [12] By December 2009, hit by the financial crisis, Valentino had to restructure its debt. [13]

Mayhoola, 2012–present

In 2012, Qatari aristocrats acquired Valentino for 700 million euros through an investment vehicle called Mayhoola for Investments S.P.C. [14] Mayhoola bought up both Permira's stake and Marzotto's minority interest. [15]

In 2020, 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. [16]

Under the leadership of its CEO Jacopo Venturini, Valentino went fur-free in 2022. It also decided to focus on the main Valentino line, ending the Red Valentino one, aimed more at younger customers, with the fall-winter 2023–24 season. [17]

In 2021, Valentino adopted a co-ed model - the mixing of men's and women's shows - for its presentations. By 2023, it abandoned that model again and returned to Milan Fashion Week. [5]

Kering purchased 30% of Valentino in July 2023, they intend to purchase the entire company by 2028. [18]

In 2023, Valentino earned the Education of Excellence Award at the CNMI Sustainable Fashion Awards for fostering education in Italy. [19] [20]

In March 2024, Valentino announced the departure of creative director Pierpaolo Piccioli, as a joint decision. [2] Piccioli was creative director of Valentino since 2008, sharing the role with Maria Grazia Chirui until her departure in 2016. [21] He was promoted from an accessories designer position. [22]

Following the departure of Pierpaolo Piccioli, Valentino announced the appointment of Alessandro Michele as the next creative director. [23] Michele rose to global recognition for executing a turn-around at Gucci during the 2010s centering on a quirky androgynous aesthetic. Spring/Summer 2025 will be his debut collection for Valentino. [23]

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 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), [24] V pour Homme for men (2006), [25] Rock n' Rose Couture for women (2007), [26] and Valentina for women (2011). [27]

In 2020, Valentino Beauty announced the release of a new perfume, Voce Viva, and announced Lady Gaga as its égérie. [28]

From 2010 to 2018, Valentino Perfumes was licensed to Puig. [29] Since then, it has been working with L'Oréal. [30] More International Cigarette in Philippines was launched in the 1980s [31]

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). [32] In 2021, the label signed a 10-year license agreemend with the Switzerland-based Akoni Group for the design, manufacture and worldwide distribution of the brand's prescription frames and sunglasses. [33]

Red Valentino

In 2003, Maria Grazia Chiuri and Pierpaolo Piccioli, then accessories directors, launched a younger diffusion line called Red Valentino. [34] Initially licensed to Sinv SpA, Valentino brought the line’s production in-house in 2009. [35] By 2015, Red Valentino accounted for around 10 percent of Valentino Group’s sales. [36] The line was discontinued in 2022. [37]

Creative directors

Notable campaigns

For its advertisement campaigns, Valentino has in the past worked with photographers including Deborah Turbeville (2011) [44] Terry Richardson (2016), [45] Inez and Vinoodh (2020) [46] and Michael Bailey-Gates (2022). [47]

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. [48]

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. [49]

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. [50] [51]

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. [52]

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. [53]

See also

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References

  1. ↑ Diderich, Joelle (22 January 2014). "Fashion Crowd Toasts Richard Baker in Paris". WWD. Retrieved 23 January 2014. Valentino ceo Stefano Sassi said it was too early to predict what shape the new Saks would take.
  2. 1 2 Kansara, Vikram Aleksei (22 March 2024). "Pierpaolo Piccioli Is Exiting Valentino". The Business of Fashion. Retrieved 22 March 2024.
  3. 1 2 Tyrnauer, Matt (8 May 2009) [Updated from August 2004 issue]. "So Very Valentino". Vanity Fair . Retrieved 13 March 2023.
  4. ↑ Boze Hadleigh (15 September 2015). 492 Great Things About Being Italian. Skyhorse. p. 219. ISBN   9781510700802.
  5. 1 2 Elisa Anzolin (16 June 2023), Valentino returns to Milan Fashion Week with flowery menswear show Reuters .
  6. ↑ "Nicola Peltz's Custom Valentino Couture Wedding Dress Was Like "A Work Of Art"". British Vogue. 11 April 2022. Retrieved 21 March 2023.
  7. ↑ Bowles, Hamish. "Sophie Hunter Valentino Couture Wedding Dress". Sophie Hunter Central.
  8. ↑ "Celebrity Brides Who Wore Valentino on their Big Day". Hello Magazine. 5 June 2013.
  9. 1 2 Robert Galbraith (15 January 2002), Italian Group Eager to Sell Off Valentino International Herald Tribune .
  10. ↑ Claudia Cristoferi and Rachel Sanderson (18 May 2007), Permira closes in on fashion house Valentino Reuters .
  11. 1 2 Suzy Menkes (5 September 2007), Valentino and Partner Will Be Leaving His Fashion House New York Times .
  12. ↑ Jo Winterbottom (17 January 2008), Italy's Valentino opens first outlets in China Reuters .
  13. ↑ Lisa Jucca and Simon Meads (12 July 2012), Qatari royal family buys Italian fashion house Valentino Reuters .
  14. ↑ Jucca, Lisa; Meads, Simon; Dinesh, Nair; Ciancio, Antonella; Sovich, Nina (12 July 2012). Walker, Sophie (ed.). "Qatari royals buy Italian fashion icon Valentino". Reuters . Retrieved 28 July 2019.
  15. ↑ John Hooper (12 July 2012), Valentino slips from Italian hands The Guardian .
  16. ↑ Sarah Maisey,"Valentino and Prada to halt use of alpaca wool and kangaroo leather," The National 17 August 2020.
  17. ↑ Elisa Anzolin (24 April 2023), Valentino sales up 10% in 2022 boosted by directly-owned shops Reuters .
  18. ↑ Spencer, Mimosa; Aloisi, Silvia (27 July 2023). "Kering buys 30% of Italy's Valentino as Gucci sales lag". Reuters. Retrieved 28 July 2023.
  19. ↑ "The CNMI Sustainable Fashion Awards 2023". Ellen MacArthur Foundation. Retrieved 23 April 2024.
  20. ↑ "Milan's Sustainable Fashion Awards Take Centre Stage At La Scala". Vogue. Retrieved 23 April 2024.
  21. ↑ Zargani, Luisa (7 July 2016). "Valentino Confirms Maria Grazia Chiuri's Exit, Appoints Pierpaolo Piccioli Creative Director". WWD. Retrieved 22 March 2024.
  22. ↑ Horyn, Cathy (29 January 2009). "More of the Same at Valentino Show". On the Runway Blog. Retrieved 22 March 2024.
  23. 1 2 Zargani, Luisa (28 March 2024). "Valentino Confirms Alessandro Michele as Creative Director". WWD. Retrieved 28 March 2024.
  24. ↑ "Perfume Intelligence - the Encyclopaedia of Perfume".
  25. ↑ "V pour Homme Valentino – for the Charismatic Man TheScentualist". Archived from the original on 28 September 2017. Retrieved 16 May 2016.
  26. ↑ Reis, Ronald (2013). Valentino. Infobase Learning. p. 75. ISBN   9781438148311.
  27. ↑ "Valentino Valentina". fragrantica.com.
  28. ↑ Yaptangco, Ariana (10 July 2020). "Lady Gaga Is the Face of Valentino Beauty's New Perfume". ELLE. Retrieved 28 July 2020.
  29. ↑ "Puig talks with Permira to buy Valentino". La Vanguardia. 11 January 2012. Retrieved 26 April 2012.
  30. ↑ Shannon Barbour (29 May 2018), L’Oréal Inks Major Deal With Valentino The Cut .
  31. ↑ "Contacts > Headquarters". Valentino SpA. Archived from the original on 6 May 2008. Retrieved 28 July 2009.
  32. ↑ Luisa Zargani (1 December 2021), Valentino, Luxottica Eyewear License Ending in June Women's Wear Daily .
  33. ↑ Luisa Zargani (2 December 2021), EXCLUSIVE: Valentino Signs Eyewear License With Akoni Group Women's Wear Daily .
  34. ↑ Alessandra Turra (15 October 2012), Red Valentino Taps Into Brand’s Dreamy Side Women's Wear Daily .
  35. ↑ Alessandra Turra (15 October 2012), Red Valentino Taps Into Brand’s Dreamy Side Women's Wear Daily .
  36. ↑ Alessandra Turra (18 September 2015), Red Valentino Unveils Web Site Women's Wear Daily .
  37. ↑ Elisa Anzolin (24 April 2023), Valentino sales up 10% in 2022 boosted by directly-owned shops Reuters .
  38. ↑ ""V" is for Victory". Harper's Bazaar. 7 July 2016. Retrieved 25 April 2023.
  39. ↑ "Maria Grazia Chiuri & Pierpaolo Piccioli: Eight years at Valentino". Vogue France. 7 July 2016. Retrieved 25 April 2023.
  40. ↑ Zargani, Luisa (7 July 2016). "Valentino Confirms Maria Grazia Chiuri's Exit, Appoints Pierpaolo Piccioli Creative Director". WWD. Retrieved 24 June 2020.
  41. ↑ "Valentino: Alessandro Michele est nommé directeur créatif". Fashion Network. Retrieved 1 April 2024.
  42. ↑ "Valentino nomme Alessandro Michele en tant que directeur artistique". Numéro. Retrieved 1 April 2024.
  43. ↑ "Alessandro Michele est nommé directeur artistique de Valentino". Vogue. Retrieved 1 April 2024.
  44. ↑ Cynthia Martens (21 December 2011), Valentino Taps Deborah Turbeville Women's Wear Daily .
  45. ↑ Elisabetta Povoledo (1 October 2016), At Valentino, Pierpaolo Piccioli on His Own New York Times .
  46. ↑ Baya Simons (22 September 2020), Valentino’s new fragrance is an ode to Lady Gaga Financial Times .
  47. ↑ Luisa Zargani (2 May 2022), Valentino Launches Ad Campaign Photographed in London Women's Wear Daily .
  48. ↑ Marysa Greenawalt (16 February 2016), Behind Steve McCurry’s Valentino Ad Campaign  Time .
  49. ↑ Vanessa Friedman (22 July 2020), When Brad Photographed Gwyneth  New York Times .
  50. ↑ "Valentino obtient la Gender Equality Certification". Fashion United. 18 January 2024. Retrieved 25 January 2024.
  51. ↑ "Valentino reçoit une distinction pour ses engagements en matière d'égalité des sexes". Journal du Luxe. 19 January 2024. Retrieved 25 January 2024.
  52. ↑ Agnieszka Flak (18 June 2020), Amazon and Valentino file joint lawsuit over shoe counterfeiting  Reuters .
  53. ↑ Jonathan Stempel (4 April 2023), Valentino settles litigation over pandemic-shuttered Manhattan boutique  Reuters .
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