MILAN -- After three weeks actively in the driver's seat at Valentino, Marzotto organized a press conference on Saturday to outline projects for the fashion house it purchased from Holding di Partecipazioni at the end of March. They include...
MILAN--After three weeks actively in the driver's seat at Valentino, Marzotto organized a press conference on Saturday to outline projects for the fashion house it purchased from Holding di Partecipazioni at the end of March. They include expansion of Valentino's retail network and accessories business."We want to maintain the [Valentino] label in the luxury segment of the market--high, high up with five or six other labels," said Michele Norsa, general manager of Marzotto's apparel division and Valentino's chief executive officer.Norsa also trumpeted Valentino's retail network, which he termed an "enormous asset.""There are only 18 Valentino boutiques in the world, but they are in the best locations and on the best streets," Norsa maintained. Those stores registered growth of 23 percent for five months ended May 31, versus the prior year period, said Fabio Giombini, Valentino's general manager.Valentino will open a boutique in Las Vegas in November and six units in 2003: three in Asia, two in Europe and one in the U.S., Giombini noted.It is no accident that half the Valentino stores planned for next year will bow in Asia: Norsa said Valentino plans to further control the continent, which now accounts for about 15 percent of its sales, through majority-owned joint ventures.Valentino's business in China is rising at a 7 percent rate annually, according to Norsa, who predicted it will soon be a leading market in Asia. The label's business in Russia is increasing as well, but Norsa acknowledged the market was more "risky."Growth also is in the offing at Valentino's accessories division, which currently contributes 20 percent of the label's sales and which Norsa aims to extend to 30 percent in the next two years. To that end, the company plans to create an accessories production unit in Tuscany.Norsa and Antonio Favrin, vice president and chief executive officer of Marzotto, said they expect profitability for Valentino in 2004, while 2003 will remain a transition year that requires further investments in the house. "We are cautious for 2002, but we expect a growth in sales of no less than 5 percent," said Favrin. That would put volume for the full year at a minimum of $121 million. In 2001, Valentino registered sales of $115.7 million, resulting in a gross margin of $72.3 million and a net loss of $24.9 million.Norsa noted Valentino's sales were "balanced" around the world. Italy and the rest of Europe each account for 30 percent of volume, and the U.S., 25 percent, with the rest of the world contributing the remainder. "We firmly believe in the U.S. market, notwithstanding the uncertainties" connected to last year's terrorist attacks, said Norsa. "It's a key market, and no label is big if it isn't strong in the U.S.".Norsa said he planned to invest in marketing through special events and said he wanted to make "good use" of the appeal the Valentino brand has with celebrities and royalties. "The return from a celebrity wearing a Valentino dress is invaluable," said Norsa.The contract with the designer himself, Valentino Garavani, expires in nine months and has been the source of endless speculation--especially given the alleged multi-million dollar fringe benefits HdP offered Valentino and his partner Giancarlo Giammetti. "I always wondered why these benefits or the financial details were so interesting to the press, when the same situation often applies to a number of soccer players and designers," Norsa maintained.The Valentino chief executive further said he was "struck by the love and passion" Valentino had for his work and added he "hoped the relationship [between Marzotto and Valentino] will continue." Still, Norsa noted the contract will be re-evaluated "as any other contract would be." HdP bought Valentino in 1998 for $210 million, a sum that included the firm's net debt of $179.2 million."
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)