MILAN — Valentino SpA is not searching for a successor to designer Valentino Garavani, said the company’s newly tapped president Matteo Marzotto, rebuffing ongoing talk that Valentino could be preparing for retirement.
“[Valentino] will decide for himself when he wants to reduce his responsibilities,” Marzotto told WWD. “Right now it’s not the order of the day.”
Marzotto denied ongoing speculation that he’s spearheading a search for a new Valentino designer. Although he declined to specify when Valentino’s current contract expires, he stressed the designer has a “very flexible, almost family-like relationship” with the company that can easily be renewed or extended.
“It’s an active, valid contract with a rather long duration,” he said. “We have never had any difficulty in renewing it.” Downplaying the importance of the designer issue, Marzotto said the company is focusing on strategic growth through product and retail development.
As the fashion world continues to ask how much longer the 74-year-old Valentino will continue his design career, the fashion house is starting preparations for his 45th anniversary show in Paris in March. A source close to the company said the designer’s current contract expires next summer.
The appointment of Marzotto as president is the latest management shift at the fashion house since the summer resignation of chief executive Michele Norsa. Valentino SpA is owned by Valentino Fashion Group SpA, a publicly traded company and spin-off of Marzotto SpA. It owns a majority stake in Hugo Boss AG and produces apparel for brands such as M Missoni and Marlboro Classics.
Marzotto, 39, has been Valentino SpA’s general manager since January 2003. A member of the company’s founding family, he has worked at various posts within the Marzotto Group since 1992. “I am very proud and honored to take on this position and [make] my contribution,” he said.
Antonio Favrin, Valentino FG ceo, is taking over the ceo reins at Valentino SpA on an interim basis to replace the outgoing Norsa. Marzotto said Tuesday the company is still coming up with a “definitive structure,” but he will continue to oversee areas such as communication, marketing and product development.
Norsa will leave the company at the end of the month and will become the ceo of Salvatore Ferragamo SpA, which is preparing to go public on the stock market.
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Valentino FG’s board also approved the company’s first-half results, which were in line with preliminary numbers released in July. Net profits for the six months ended June 30 rose 47.1 percent to 35 million euros, or $43.1 million, while sales advanced 13.8 percent to 925.7 million euros, or $1.14 billion.
Dollar figures have been converted from the euro at average exchange rates for the period to which they refer.
The firm issued a forecast for double-digit sales growth in the full year and an even larger increase in operating and pretax profits.
First-half operating profits at fashion house Valentino spiked 52.4 percent to 12.8 million euros, or $15.7 million, while sales climbed 17.7 percent to 113.6 million euros, or $139.7 million.
Valentino FG’s first-half sales in Europe rose 13.3 percent to 635.7 million euros, or $781.9 million. Revenues from the Americas grew 20.7 percent to 161.8 million euros, or $199 million. Sales in Asia advanced 7.4 percent to 83.8 million euros, or $103.1 million.