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
Headquarters
Key people
Jacopo Venturini (CEO) Alessandro Michele (Creative Director)
Products
€1,419 billion (2022)
Owner
Website valentino.com
White Valentino dresses to celebrate Valentino's 45 years in fashion. Ara Pacis Museum, Rome. Valentinowhitedresses.jpg
White Valentino dresses to celebrate Valentino's 45 years in fashion. Ara Pacis Museum, Rome.
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 April 2024, the creative director is Alessandro Michele. [1] The company has its registered office in Milan, [2] while the creative direction and the Valentino Foundation are based in Rome, at Palazzo Gabrielli-Mignanelli. [3] The Valentino Beauty license is currently 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. [4]

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 [5] The label staged the first Valentino menswear show at Milan Fashion Week in 1985. [6]

Valentino has also, especially, designed wedding dresses for Elizabeth Taylor, Anne Hathaway, Jennifer Lopez, Courteney Cox, Sophie Hunter, Nicola Peltz [7] and Princess Madeleine of Sweden. [8] [9]

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. [10]

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. [10]

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. [4] Following the acquisition, Michele Norsa became the company's CEO. [11]

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. [12]

In 2006, Stefano Sassi was appointed as CEO, replacing Michele Norsa. [13] He would later be partially responsible for the brand's renaissance in the 2010s. [14]

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). [15] Later that year, Valentino and Giammetti announced that both would resign from the company in early 2008. [15]

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. [16] Maria Grazia Chiuri and Pierpaolo Piccioli took over Facchinetti's role the following year. [17] Under their direction, Valentino introduced a modernised aesthetic that Vogue described as "fresh-faced girls in long, fragile dresses" [18] and the success of the introduction of the "Rockstud" accessory line and "Rockrunner" sneakers. [19]

In 2008, Valentino opened its first boutique in China, at the Peninsula Palace Hotel in Beijing. [20] By December 2009, hit by the financial crisis, Valentino had to restructure its debt. [21]

Mayhoola, 2012–present

In 2012, Qatari aristocrats acquired Valentino for 700 million euros through an investment vehicle called Mayhoola for Investments S.P.C. [22] Mayhoola bought up both Permira's stake and Marzotto's minority interest. [23]

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. [24] 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. [6] In January 2022, Valentino presented their Spring/Summer 2022 Haute Couture collection on models with a diverse range of body types. [25]

In 2020, Jacopo Venturini replaced Stafano Sassi as CEO. [26] 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. [27] 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. [28]

In 2023, Valentino earned the Education of Excellence Award at the CNMI Sustainable Fashion Awards for fostering education in Italy. [29] [30]

Kering purchased 30% of Valentino in July 2023, they intend to purchase the entire company by 2028. [31]

In March 2024, Valentino announced the departure of creative director Pierpaolo Piccioli, as a joint decision. [32] Following his departure, Valentino announced the appointment of Alessandro Michele as the next creative director. [33] 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. [34] His debut runway show was during Paris Fashion Week for Spring/Summer 2025. [33] Critical response to the collection has centered on the clear through-line with Michele's work at Gucci. [35]

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), [36] V pour Homme for men (2006), [37] Rock n' Rose Couture for women (2007), [38] and Valentina for women (2011). [39]

In 2020, Valentino Beauty announced the release of a new perfume, Voce Viva, and announced Lady Gaga as its égérie. [40]

From 2010 to 2018, Valentino Perfumes was licensed to Puig. [41] Since then, it has been working with L'Oréal. [42]

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). [43] 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. [44]

Red Valentino

In 2003, Maria Grazia Chiuri and Pierpaolo Piccioli, then accessories directors, launched a younger diffusion line called Red Valentino. [45] Initially licensed to Sinv SpA, Valentino brought the line’s production in-house in 2009. [46] By 2015, Red Valentino accounted for around 10 percent of Valentino Group’s sales. [47] The line was discontinued in 2022. [48]

Creative directors

Notable campaigns

For its advertisement campaigns, Valentino has in the past worked with photographers including Deborah Turbeville (2011) [55] Terry Richardson (2016), [56] Inez and Vinoodh (2020) [57] and Michael Bailey-Gates (2022). [58]

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. [59]

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. [60]

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. [61] [62]

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. [63]

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. [64]

See also

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References

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  2. ↑ "Corporate Companies". valentino.com. Retrieved 30 September 2024.
  3. ↑ "Nuova sede della Fondazione Valentino Garavani e Giancarlo Giammetti a Roma" [New headquarters of the Valentino Garavani and Giancarlo Giammetti Foundation in Rome.]. nemesistudio.it. Retrieved 30 September 2024.
  4. 1 2 Tyrnauer, Matt (8 May 2009) [Updated from August 2004 issue]. "So Very Valentino". Vanity Fair . Retrieved 13 March 2023.
  5. ↑ Boze Hadleigh (15 September 2015). 492 Great Things About Being Italian. Skyhorse. p. 219. ISBN   9781510700802.
  6. 1 2 Elisa Anzolin (16 June 2023), Valentino returns to Milan Fashion Week with flowery menswear show Reuters .
  7. ↑ "Nicola Peltz's Custom Valentino Couture Wedding Dress Was Like "A Work Of Art"". British Vogue. 11 April 2022. Retrieved 21 March 2023.
  8. ↑ Bowles, Hamish. "Sophie Hunter Valentino Couture Wedding Dress". Sophie Hunter Central.
  9. ↑ "Celebrity Brides Who Wore Valentino on their Big Day". Hello Magazine. 5 June 2013.
  10. 1 2 Robert Galbraith (15 January 2002), Italian Group Eager to Sell Off Valentino International Herald Tribune .
  11. ↑ "Michele Norsa, chief executive, Salvatore Ferragamo Italia". The New York Times. 23 November 2007. ISSN   0362-4331 . Retrieved 1 September 2024.
  12. ↑ Claudia Cristoferi and Rachel Sanderson (18 May 2007), Permira closes in on fashion house Valentino Reuters .
  13. ↑ Kaiser, Amanda (14 December 2006). "Valentino Appoints Stefano Sassi for CEO". WWD. Retrieved 1 September 2024.
  14. ↑ Amed, Imran (6 April 2014). "Stefano Sassi on Valentino's Turnaround".
  15. 1 2 Suzy Menkes (5 September 2007), Valentino and Partner Will Be Leaving His Fashion House New York Times .
  16. ↑ Socha, Alessandra Ilari,Miles (6 September 2007). "Alessandra Facchinetti Takes Reins at Valentino". WWD. Retrieved 1 September 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
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  18. ↑ Mower, Sarah (27 May 2015). "The Valentino Effect: How Two Unsung Designers Redefined the Look of Rome and Won the CFDA International Award". Vogue. Retrieved 1 September 2024.
  19. ↑ Amed, Imran. "Stefano Sassi on Valentino's Turnaround".
  20. ↑ Jo Winterbottom (17 January 2008), Italy's Valentino opens first outlets in China Reuters .
  21. ↑ Lisa Jucca and Simon Meads (12 July 2012), Qatari royal family buys Italian fashion house Valentino Reuters .
  22. ↑ 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.
  23. ↑ John Hooper (12 July 2012), Valentino slips from Italian hands The Guardian .
  24. ↑ Arabia, Vogue (22 April 2020). "Adut Akech and Anwar Hadid launch the new Valentino perfume Born in Roma". Vogue Arabia. Retrieved 1 September 2024.
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  26. ↑ Zargani, Luisa (12 May 2020). "Valentino Appoints Jacopo Venturini as CEO". WWD. Retrieved 1 September 2024.
  27. ↑ Sarah Maisey,"Valentino and Prada to halt use of alpaca wool and kangaroo leather," The National 17 August 2020.
  28. ↑ Elisa Anzolin (24 April 2023), Valentino sales up 10% in 2022 boosted by directly-owned shops Reuters .
  29. ↑ "The CNMI Sustainable Fashion Awards 2023". Ellen MacArthur Foundation. Retrieved 23 April 2024.
  30. ↑ "Milan's Sustainable Fashion Awards Take Centre Stage At La Scala". Vogue. Retrieved 23 April 2024.
  31. ↑ Spencer, Mimosa; Aloisi, Silvia (27 July 2023). "Kering buys 30% of Italy's Valentino as Gucci sales lag". Reuters. Retrieved 28 July 2023.
  32. ↑ Kansara, Vikram Aleksei (22 March 2024). "Pierpaolo Piccioli Is Exiting Valentino". The Business of Fashion. Retrieved 22 March 2024.
  33. 1 2 Zargani, Luisa (28 March 2024). "Valentino Confirms Alessandro Michele as Creative Director". WWD. Retrieved 28 March 2024.
  34. ↑ Zargani, Luisa (17 June 2024). "Alessandro Michele Surprises, Unveiling First Designs for Valentino in Resort Collection". WWD. Retrieved 1 September 2024.
  35. ↑ Friedman, Vanessa (30 September 2024). "Alessandro Michele's Debut Show for Valentino: It's All Him". The New York Times.
  36. ↑ "Perfume Intelligence - the Encyclopaedia of Perfume".
  37. ↑ "V pour Homme Valentino – for the Charismatic Man TheScentualist". Archived from the original on 28 September 2017. Retrieved 16 May 2016.
  38. ↑ Reis, Ronald (2013). Valentino. Infobase Learning. p. 75. ISBN   9781438148311.
  39. ↑ "Valentino Valentina". fragrantica.com.
  40. ↑ Yaptangco, Ariana (10 July 2020). "Lady Gaga Is the Face of Valentino Beauty's New Perfume". ELLE. Retrieved 28 July 2020.
  41. ↑ "Puig talks with Permira to buy Valentino". La Vanguardia. 11 January 2012. Retrieved 26 April 2012.
  42. ↑ Shannon Barbour (29 May 2018), L’Oréal Inks Major Deal With Valentino The Cut .
  43. ↑ Luisa Zargani (1 December 2021), Valentino, Luxottica Eyewear License Ending in June Women's Wear Daily .
  44. ↑ Luisa Zargani (2 December 2021), EXCLUSIVE: Valentino Signs Eyewear License With Akoni Group Women's Wear Daily .
  45. ↑ Alessandra Turra (15 October 2012), Red Valentino Taps Into Brand’s Dreamy Side Women's Wear Daily .
  46. ↑ Alessandra Turra (15 October 2012), Red Valentino Taps Into Brand’s Dreamy Side Women's Wear Daily .
  47. ↑ Alessandra Turra (18 September 2015), Red Valentino Unveils Web Site Women's Wear Daily .
  48. ↑ Elisa Anzolin (24 April 2023), Valentino sales up 10% in 2022 boosted by directly-owned shops Reuters .
  49. ↑ ""V" is for Victory". Harper's Bazaar. 7 July 2016. Retrieved 25 April 2023.
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  52. ↑ "Valentino: Alessandro Michele est nommé directeur créatif". Fashion Network. Retrieved 1 April 2024.
  53. ↑ "Valentino nomme Alessandro Michele en tant que directeur artistique". Numéro. Retrieved 1 April 2024.
  54. ↑ "Alessandro Michele est nommé directeur artistique de Valentino". Vogue. Retrieved 1 April 2024.
  55. ↑ Cynthia Martens (21 December 2011), Valentino Taps Deborah Turbeville Women's Wear Daily .
  56. ↑ Elisabetta Povoledo (1 October 2016), At Valentino, Pierpaolo Piccioli on His Own New York Times .
  57. ↑ Baya Simons (22 September 2020), Valentino’s new fragrance is an ode to Lady Gaga Financial Times .
  58. ↑ Luisa Zargani (2 May 2022), Valentino Launches Ad Campaign Photographed in London Women's Wear Daily .
  59. ↑ Marysa Greenawalt (16 February 2016), Behind Steve McCurry’s Valentino Ad Campaign  Time .
  60. ↑ Vanessa Friedman (22 July 2020), When Brad Photographed Gwyneth  New York Times .
  61. ↑ "Valentino obtient la Gender Equality Certification". Fashion United. 18 January 2024. Retrieved 25 January 2024.
  62. ↑ "Valentino reçoit une distinction pour ses engagements en matière d'égalité des sexes". Journal du Luxe. 19 January 2024. Retrieved 25 January 2024.
  63. ↑ Agnieszka Flak (18 June 2020), Amazon and Valentino file joint lawsuit over shoe counterfeiting  Reuters .
  64. ↑ Jonathan Stempel (4 April 2023), Valentino settles litigation over pandemic-shuttered Manhattan boutique  Reuters .
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