MILAN – Valentino Fashion Group SpA’s first half net profit surged nearly 46 percent as the company announced that top executive Michele Norsa will step down at the end of September.
Norsa, a nine-year veteran at the company, is chief executive at Valentino SpA and general manager of Valentino Fashion Group’s other licensed brands M Missoni and Marlboro Classics. Valentino Fashion Group president Antonio Favrin will take over Norsa’s post on an interim basis.
Norsa said the parting with Valentino was amicable. He is taking on a new job but declined to identify his new employer.
“I am very happy,” he told WWD. “Later on we’ll communicate what I’ll be doing.” Norsa said that an announcement regarding his new job is due next week.
Net profit for the six months ended June 30 rose 45.8 percent to 35 million euros, or $43.05 million. Revenue for the period advanced 13.8 percent to 926 million euros, or $1.14 billion.
For complete coverage, see Monday’s issue of WWD.