MILAN — The press shouldn’t expect to see the Valentino man during men’s fashion week in January, in Paris or Milan.
This story first appeared in the December 5, 2008 issue of WWD. Subscribe Today.
The Roman luxury label will not present its men’s wear collection this season in either city, opting solely for commercial appointments, a Valentino spokeswoman told WWD.
The disclosure follows Marni’s decision to forgo the runway, raising the specter of more gaps in the men’s wear calendar and other belt-tightening as the grip of the economic crisis tightens.
Although Valentino declined further comment, it’s clear the company is facing financial pressures.
Last year, at the height of the luxury boom, private equity firm Permira bought Valentino Fashion Group, which includes Valentino as well as Hugo Boss, Marlboro Classics and M Missoni, for an estimated 2.6 billion euros, or $3.55 billion.
Sources have estimated the financial crisis wiped off around 1 billion euros, or $1.27 billion, of VFG’s value.
Valentino also has endured turbulence at its flagship women’s department. In October, the company said longtime accessories duo Maria Grazia Chiuri and Pier Paolo Piccioli would become creative directors for all categories, succeeding ready-to-wear and couture designer Alessandra Facchinetti after only two seasons.
In May, Valentino chief executive officer Stefano Sassi said Italian designer Ferruccio Pozzoni’s first men’s collection had performed “very well” at his debut presentation in Valentino’s showroom in Place Vendome, which was repeated last July.
Sassi has said the men’s category for the group had “huge potential” and he planned to give men’s wear a “push.”