«More boutiques and the customer at the centre»- Corriere.it

Lhe maison Valentino is a large building site in progress. «It is the market that asks us to question ourselves. Not so much to review the strategy, but to constantly evaluate what we do. The economic and geopolitical situation dictates it. We are in a phase of uncertainty and we must intercept the changes. But the foundations remain the historical ones: the artisan dimension, creativity and the centrality of the customer, which also constitute our historical figure. Then, the attention to the people who work with us, their passion, indispensable in our profession. The companies that pursue these objectives today are the strongest».

Jacopo Venturini became CEO of Valentino June 1, 2020. And for him the maison was certainly not unknown. It was the third time that he crossed the threshold of Valentino where he started as a brand manager and then moved on to Prada and returned to the Roman maison. Then attracted by Gucci – where he worked with Marco Bizzarri and Alessandro Michele – Venturini returned to his first passion three years ago to lead it as CEO in the world of luxury. Alongside him, the creative director Pierpaolo Piccioli, an iron tandem: «he has the historical archive of Valentino in his head».

Growing turnover

The result? A turnover that closed at 1.419 billion in 2022, up 10% at constant exchange rates and 15% at current exchange rates, «after years of growth in line year on year and after the difficulties of the pandemic year», adds Venturini . Growth driven by a robust 21% increase within the directly operated store network and ecommerce. And profitability also raced, despite one of the most difficult years. Ebitda marked +18% to 337 million and the operating result, equal to 121 million, recorded an increase of 30%. «The creation of value requires decisive choices», says Venturini.

How did this building site look like?
«Valentino has always been an Italian maison de couture, it has never lost its roots. We wanted to make them stronger by creating an internal culture, which is fundamental in every strategy. There are two ingredients for change. The concept of “home”, which extends to shops and, indeed, maisons, and of “couture”, with an obsession for detail and a strong relationship with the customer who chooses us for this. Culture changes are the most difficult in a company whose task is to grow together in a path of organic and sustainable growth. Turnover and internal culture always grow together. Then, we changed our business model, shifted the mix towards retail. If in 2019 the direct boutiques accounted for 54% of revenues, in 2022 they represented 62% and at the moment in the first months of 2023 we are at 67%. My goal is to reach 80% between 2025 and 2026. From last year’s 211 stores to the end of 2023, we will reach 221. It is the basis of the strategy we shared with shareholder Mayhoola for Investments, the company that belongs to the royal family of Qatar, and President Rashid Mohamed Rashid».

2022 was a booming year for luxury, with a receptive post-Covid market. Is it easier to grow up?
“For nothing. Those who have a sustainable model, who are committed to change, who put the people who work alongside us at the center and pursue the goal of innovating, involving customers and creating a strong experience within a brand, grow. In Valentino, this has found full realization in the Valentino Pink PP Collection, capable of perpetuating the legacy of Valentino red through a modern reinterpretation. The Valentino The Beginning – Haute Couture fashion show then expanded the meaning of couture by giving it a new point of view, an insight into history, humanity and the future. But to grow towards this model we have made sacrifices».

Which?
«We were among the first to give up furs. Then, the decision to focus on direct stores caused sales in multi-brand stores to drop by 6% in one year. But the results are there, also thanks to our retail partners, who are working with us on this project. Finally, the REDValentino brand also ends with the autumn-winter 23-24 collection, a choice made to focus on luxury. It’s a revolution accomplished to capture the growth of a brand that thrives on its couture traction. This is what must be done to have a credible brand, with high quality elements. We are ambassadors in luxury, the one made in Italy between Piedmont, Lombardy, Marche and Tuscany. It is a strategic supply chain that we also support by taking over some workshops in the metal, footwear and handbags sectors. And our precious fabrics, the result of extremely high quality workmanship, are never wasted: we give them life again with the Valentino Sleeping Stock project which promotes the creative reuse of the stock of sleeping fabrics that come from the Haute Couture and pret-à-porter collections of the Maison, through its partner Tissu Market, connected to the world of art, cinema, opera, theater and fashion schools. The proceeds are donated to the internal Art Workshop of the Maison».

What do you see on the markets?
«In 2022 Europe, which is our first market, worth 40% of revenues, grew more lively, benefiting from tourist flows and exchange rates, closely followed by the United States. In these first months of 2023, China is starting up again in an important way and here last year we laid the foundations for growth, opening in cities like Chengdu and Shenzhen, this year we will open in Wuhan, then two new stores in Shenzhen and one in Nanjing. In the USA we are opening new boutiques in areas around San Francisco and Los Angeles, where customers from New York have gone to live after the pandemic. For us, opening a boutique is not a replica of a model that is always the same: it is a house that also reflects the identity of a city with individual and distinctive elements that connect the space to the territory. Each store has peculiarities of the artisan and design approach».

You have often been credited with the project of creating a luxury pole…
«On the luxury market, which for us are the maisons de couture like Dior or Chanel, we are the smallest but we have elements of differentiation, linked to our history, heritage and values, which can make us grow in a distinctive way. We don’t hear back. The poles of luxury already exist, creating a large aggregate today and competing with giants like Lvmh or Kering I don’t think it makes much sense anymore».

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