TOKYO — Valentino is on the move in Japan.
The Milan-based designer house plans to open a flagship in Tokyo within the next 18 months, said a spokeswoman for Mitsui & Co., a stakeholder in Valentino Boutique Japan Ltd.
In addition, Valentino has acquired a controlling interest in Valentino Boutique Japan, its import and sales agency there, which had been owned and managed by Mitsui and two other Japanese clothing companies.
Valentino now holds a 51 percent equity share in the Japanese subsidiary. It is taking over the leadership in sales and marketing activities in Japan with the support of Mitsui. The Japanese trading giant has increased its stake in Valentino Boutique to 49 percent by buying out shares held by the two other partners, Aoi Co. and Sann Freres SA.
Michele Norsa, chief executive officer of Valentino SpA, was in Tokyo this week for a meeting with top management of Valentino Boutique and disclosed plans for a new flagship in Japan in the next 18 months, a Mitsui spokeswoman said.
It will be located in Ginza, according to a Valentino press release. Additional details were not immediately available.
Valentino has five boutiques in Tokyo, Osaka and Nagoya. In addition, it operates 20 shop-in-shops in department stores. It also does business with wholesalers, the Mitsui spokeswoman said.
“Valentino Boutique Japan plans to increase its sales from the present 5 billion yen, or $47.6 million at current exchange, to 10 billion yen, or $95.2 million, in fiscal 2007,” the spokeswoman said.
The move is in line with the new global business strategy pursued by Valentino’s parent company, Marzotto, which purchased the Milan design house in 2002. The step also reflects Valentino’s business plans on a global scale, calling for quick decision-making and implementation of the company’s business development program in Japan.
Under Valentino’s new merchandising scheme, the Valentino Roma line will be emphasized and promoted in Japan, Mitsui said, noting that sales of the second line here this year have grown 35 percent from a year-earlier level. The Red Valentino line, which was introduced this fall in the Japanese market, is also faring well.
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Valentino, in collaboration with Mitsui, is launching an aggressive investment and promotional program in Japan beginning next year involving such projects as the remodeling of stores, the opening of new roadside shops and ad campaigns to win increased recognition of the brand in the Japanese retail market, according to Mitsui.
In a separate development, Valentino launched its first Web site last week at valentino.com, featuring its women’s and men’s collections, accessories and advertising.
“We are getting to all the things we felt we needed to do,” said Graziano de Boni, president and ceo of Valentino Inc. and Marzotto USA, the American arm of the Marzotto SpA operations.
De Boni believes the upgrading of stores in Asia and a coherent image of Valentino online will help solidify the image of the house as a luxe brand. Attracting consumers from Japan and other Asian countries is a key component in building worldwide sales.