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."
Taking the final spot on the mens’ portion of New York Fashion Week calendar next month will be none other than @tomford. Though he’s shown his men’s wear in New York in the past, this will mark the first time the designer has shown his men’s collection alone during New York Fashion Week: Men’s. His runway show will debut on February 6 at the Park Avenue Armory. #wwdfashion
London-based couture house @ralphandrusso has certainly been in the spotlight, having its dresses worn by @beyonce, Angelina Jolie, Meghan Markle in her engagement photos and more. For couture, Tamara Ralph focused on ornamentation — think: feathers with chain mail, jet embroidery and clusters of pearls and crystals. See the rest of the collection on WWD.com #wwdfashion #couture (📷: @giovanni_giannoni_photo)
Minnie Mouse celebrated her 90th birthday by getting her own star on the Hollywood Walk of Fame. For her celebratory luncheon, @coach’s creative director @stuartvevers dressed her in a custom made prairie dress, complete with Vever’s take on the polka dot – black sequined versions – under a cropped motorcycle jacket. The designer also put his own mark on Minnie’s classic red shoes, infusing the color with sparkles and adding some Coach crystals. “We chose colors that were very Minnie and also represented quintessential Coach elements,” said Vevers. #wwdfashion #nationalpolkadotday (📷: George Chinsee)
@nickjonas is unveiling his first-ever apparel collection through a partnership with John Varvatos. The limited-edition capsule, which makes its debut in spring, also marks the first time the designer has collaborated with anyone on a line. “The process in working with Nick is amazing. It’s inspiring to be around someone who is not only connected with the trade that they do, but also with what’s happening in the environment around him, and how that connects to what we do with style,” said Varvatos. (RG: @johnvarvatos) #wwdfashion
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)