As first reported by WWD, Valentino has reached its goal of bringing in annual sales of $1 billion, a milestone that the brand and its owner, the Qatar-based Mayhoola for Investments SPC, aimed to cross by the end of 2017. In 2015, the Italian fashion house hit €987 million (about $1.09 billion) in revenue, a 48 percent jump from the year prior.
We've reached out to Valentino and Mayhoola and are waiting to hear back with comment. Valentino CEO Stefano Sassi told WWD that the brand's steady success owes to the work of creative directors Maria Grazia Chiuri and Pierpaolo Piccioli, as well as customers' interest in its accessories and menswear. "The one-billion figure is symbolic," he said in an interview. "We have arrived at a dimension and critical mass that the brand did not have, with significant cash and profitability." And despite its recent missteps when it comes to cultural sensitivity, Valentino continues to occupy a warm place in the mainstream psyche, thanks to its consistent red carpet appearances and its surprising involvement with a certain public stunt in Zoolander 2's marketing attack.
Sassi also shut down rumors of Valentino nearing an IPO — at least before 2017 — because "market conditions are unfavorable." Instead, the brand will focus on its expansion for 2016, including adding 20 to 30 store locations and relocations in London, Miami, Honolulu, as well as Germany, Japan, Korea and the Middle East. Valentino again expects double-digit growth in 2016, and from the looks of it, we'd guess the fashion house will meet that goal, too.