Luxury / news
Valentino revenues plummet 15% in 2025, swinging to operating loss
Maison Valentino reported a 15% drop in 2025 revenues to €1.12 billion, turning an operating profit of €31 million in 2024 into a loss of €103 million, as sales declined across all regions.
The Italian luxury house saw particularly sharp falls in Japan and Asia-Pacific, which contributed to the overall revenue decline. The results, contained in a recent filing, also show net debt under IFRS 16 rising to €1.13 billion from €1.08 billion a year earlier.
Excluding lease liabilities, net debt increased to €472 million from €377 million. By product category, fashion jewellery and fragrances showed resilience, while leather goods and footwear declined. Women's ready-to-wear's share of total revenue slipped to 24% from 25% due to weak sales in directly operated stores.
Valentino, controlled by Qatar-backed Mayhoola with a 70% stake, aims to continue cost control, improve process efficiency, and protect brand value, the filing said. French luxury group Kering holds the remaining 30% and has options to increase its stake to 100% by 2029.
Shareholders have committed additional financial support for 2026, after previously agreeing a capital injection of up to €150 million last year as part of a debt renegotiation that revised financial covenants and introduced quarterly reporting requirements with banks.