MILAN — Valentino has signed a five-year licensing agreement with watchmaker Sector to roll out a line of luxury timepieces.
The line, expected to generate retail sales of more than $147 million within the next five years, will be presented at the Basel watch fair next spring. Nearly $10 million has been allotted to promote the collection.
Dollar figures were converted from the euro at current exchange rates.
The watches will be sold in Valentino stores and other selected retail points. Valentino and Sector said the watches will be sold in the high-end price range and there are plans for a limited edition series of Valentino watches as well.
Sector, which makes watches for Roberto Cavalli, is controlled by Opera, a Bulgari-backed investment fund.
"I am sure that there will be a positive collaboration between me, my creative studio and the Bulgari style team to create watches with an innovative and unmistakable design," Valentino Garavani said in a statement.
Marzotto, which owns Hugo Boss, bought Valentino this year and is relaunching the brand. Part of the plan is to roll out a younger, less-expensive Valentino line to compete directly with the likes of D&G and Emporio Armani. This line would be produced through a licensing agreement.
Sources close to the situation confirmed that Valentino will farm out production of the new line to Italian fashion group SINV Holding, the licensee for the labels Voyage Passion, See by Chloé, JPG Jean Paul Gaultier Jeans, Krizia Jeans and Gabriele Strehle Jeans. Valentino declined to comment and SINV did not return a call seeking comment.
Elsewhere, a plan to reorganize the Marzotto family’s assets has been put on hold. As reported, Industrie Zignago Santa Margherita, a holding company controlled by the Marzotto family, had offered to buy all outstanding shares in Marzotto SpA that the family did not already own. The offer was seen as a defensive move for the family to boost its stake in Marzotto and ward off any potential takeovers, given the slumping stock price.
But Zignago said Wednesday that not enough investors showed up for its shareholders meeting to approve the takeover offer for Marzotto, so the reorganization will not take place.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion