PARIS: Valentino, the Italian fashion brand recently snapped up by Qatar, continues to enjoy strong demand and plans a new global expansion phase, with flagship store openings in the works, its head said yesterday.
Chief Executive Stefano Sassi said the label was benefiting from access to new funds after private equity firm Permira sold it to Qatar this summer for $903.4m.
“Now is the time for making major investments and boost the business,” Sassi told Reuters after the brand presented its spring/summer 2013 collection here. “There will be new boutiques, new flagships, everywhere,” Sassi said, adding that meant in Asia, Europe and the Middle East. He did not say how many stores would be opened in the short-term.
Asked if he was often in contact with the brand’s new owners, Sassi replied: “This is a sensitive issue.” But he added: “It is a personal style of management, we have a fantastic relationship so far, things are going well and there are opportunities to accelerate our growth more and more.”
Sassi said not much would change under Qatari ownership. He was staying in his job and Valentino would keep its duo of designers, Maria Grazia Chiuri and Pier Paolo Piccioli, who replaced several designers after founder Valentino Garavani retired in 2008.
Sassi said Valentino sales in directly operated shops globally were up 33 percent in the month of September alone against the same period last year and up 26 percent in the nine months to September 30. Reuters
