Italian luxury fashion house Valentino has reported a modest decline in revenue and a sharper fall in earnings for 2024, as macroeconomic pressures and shifting global demand weighed on performance. The brand closed the year with total revenues of €1.31 billion, down 2% at constant exchange rates and 3% at current rates, compared to €1.35 billion in 2023.

Despite headwinds, Valentino’s retail and e-commerce channels remained strong pillars of growth, advancing by 5% year over year and now accounting for 70% of total sales. The company emphasized its commitment to a retail-first strategy, investing in directly operated stores while recalibrating its wholesale network, which contracted by approximately 20% in 2024 to favor strategic partnerships and selective distribution.

Regionally, the brand saw encouraging performance in Japan, the Middle East, and the Americas, while Europe and parts of Asia showed signs of slowing, particularly in the latter half of the year.

Valentino’s EBITDA fell 22% to €246 million, a decline attributed in part to non-recurring expenses and the application of IFRS 16 standards, according to its consolidated financial statement approved by the board of directors.

The digital landscape continued to drive momentum, with e-commerce sales climbing 37% at constant exchange rates. Online sales accounted for 15% of total direct revenue in 2024, up from 11% in 2023. In parallel, Valentino Beauty, under license to L’Oréal, delivered impressive growth, soaring 51% year over year.

CEO Jacopo Venturini praised the brand’s forward strides, citing the creative revitalization sparked by the appointment of Alessandro Michele as Creative Director. “Alessandro’s debut collections, introduced in the final quarter of 2024, have already begun to redefine Valentino’s codes with a bold reinterpretation of heritage through his visionary lens,” said Venturini.

Beyond financials, Valentino spotlighted its commitment to people and sustainability. The maison retained its Gender Equality Certification for a second consecutive year and introduced a new employment contract for retail personnel, along with a productivity bonus for all Italy-based employees. These efforts aim to foster work-life balance and improved employee welfare.

Sustainability governance was also reinforced with dedicated committees, cross-functional teams, and new training initiatives focused on long-term environmental and social impact.

Valentino, which has been owned by Mayhoola since 2012—a Qatari investment group also behind Balmain, Pal Zileri, and Beymen—received a strategic boost in July 2023 when Kering acquired a 30% stake in the maison for €1.7 billion, with an option to take full ownership by 2028.

As the brand navigates a transforming luxury landscape, Valentino’s evolving retail model, creative reboot, and strong digital performance suggest a company laying the groundwork for long-term resilience and renewed global relevance.