The famous Italian fashion house, Valentino, announced yesterday an 18 percent increase in core profits for the year 2022, with sales rising ten percent in constant currency terms, supported by the stores it operates directly, despite the weakness in the Chinese market.
Valentino, which is owned by the Qatari Mihoula Investment Company, announced initial revenues of 1.42 billion euros, about $1.56 billion, last year. Sales at stores operated directly by the group, including online stores, grew twice as fast as total revenue, while wholesale sales fell six percent. On a geographic basis, Europe, North America and the Middle East are leading the increases, while China remains weak due to Covid,” the company said. Underlying profit was €337 million, up almost a fifth from the previous year. Stores operated directly by the company achieved 62 percent of sales in 2022.
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