Valentino to Double Sales

Posted by: Charles DuBow on May 12

Valentino is a label synonymous with red carpets and catwalks, but Stefano Sassi, the CEO of Valentino Fashion Group, wants to make the brand more accessible. He plans to double sales over the next five years, according to a report from WWD.com.

According to WWD.com, Sassi’s main goals are:

—To double Valentino’s 2007 consolidated sales of 261 million euros, or $381.4 million, over the next five years by posting annual sales increases of 15%.

—To nearly triple accessories sales — which currently total 50 million euros, or $73 million, over the same period.

—To ramp up the number of directly owned stores to over a 100 from 65 and develop a new store concept, which will be used for key flagship stores beginning at the end of the year. Expanding the retail network is a global, 30 million euro, or $44 million, undertaking, with future openings planned across Europe, the U.S. and Asia.

—To further strengthen the relationship with existing licensees to capitalize on the Valentino name and make sure watches, eyewear, bridalwear and fragrances mirror the brand’s quality.

—To attract a younger, trendier consumer while not losing the brand’s current clientele.

Valentino Fashion Group, which did also owns a majority of men’s wear giant Hugo Boss, Marlboro Classics and M Missoni. The group saw overall sales advanced 13% at current exchange rates versus last year, with a 65% rise in retail sales in Asia. Sales in the U.S., which accounts for 25% of sales, resulted in a 2% loss because of the weak dollar.

Sassi became the CEO in December 2006. In July of 2007 the storied design house was acquired by private equity fund Permira. Eponymous founder Valentino Garavani stepped down in January 2008 after 45 years in the business.