Valentino became an international success. Myhula-owned Italian luxury fashion house has signed a long-term deal with Indian giant Reliance Brands to enter the country by opening its first two stores.
Both companies plan to open the first Valentino store in New Delhi by the end of the summer. The fashion company’s second store in the country will be in Mumbai.
Valentino’s opening in New Delhi will be located at TLF Emporio Shopping Centre It will also have a commercial area of 162 square meters where it will market women’s fashion collections and accessories from the men’s segment. The Bombay store will have the company’s entire offering.
“Valentino needs no introduction in India,” said Darshan Mehta, CEO of Reliance Brands, in a statement. “The upcoming openings represent a significant step forward in Valentino’s global strategy,” said Jacopo Venturini, CEO of Valentino.
Valentino will open its first store in India at TLF Emporio Mall in New Delhi
Founded in 1960 by Valentino Garavani and Giancarlo Giametti. Valentino’s retail network consists of 212 own stores 1,300 points of sale in multi-brand channel. Since 2012 the company has been owned by Mayhula for Investments Fund.
The company closed the last fiscal year with a 41% increase in turnover to 1,230 million euros. During this period, the company recovered pre-pandemic earnings, up 3% compared to 2019. Although the data does not indicate, in 2021, Valentino returned to profit, leaving 2020 numbers in the red.
Only in the fourth trimester, Valentino grew its revenue by 11% Compared to the same period in 2019. Revenue from company-owned stores increased 29% in the quarter, driven by full-price sales.
Meanwhile, Reliance Brands is one of the leading retail companies in India. The company manages the presence of international groups such as Giorgio Armani, Jimmy Choo or Ermenegildo Zegna in the country.
India will become the third largest fashion consumer market in the coming years. In particular, sales in India will grow by 70.9% between 2022 and 2026, reaching $94,000 million. With a population of 1,405 million, the country is the second most populous country in the world.
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