Valentino fashion maison announced it will close FY 2016 with 1.11 billion euros revenues, 13% up from 987 million euros in 2015 while ebitda was up to 206 millions (from 180 millions the year before) bringing a 18-19% ebitda margin on sales.
In ten years the group managed by ceo Stefano Sassi and controlled by Qatar’s fund Mayhoola for Investments has been reaching revenues that are almost 5 times the 240 million euros it had reached in 2006.
Today Valentino counts 3,300 employees and the figure is seen growing as the group is opening 20 new stores this year with a special attention to menswear that weights about 15% on total revenues today generating 150-200 million euros in revenues.
Japan will be a special target this year. A new big store has been just opened in Tokyoi in the Omotesando area and in a new flagship store will also be opened in Ginza, in the GSix, in teh newxt few months.
“It is har to say now how we are going to close 2017’s revenues but I’d like to touch the 1.2 billion euros’ figure and keep on growing 100 million euros per year”, Mr. Sassi said in an interview to MF Fashion, adding that as for a potential listing of the group on the Italian Stock Exchange: “That won’t happen in 2017, in 2018 we will see, but we are not talking about that. We decided to stop for now as financial markets conditions are not the best”.
However il Sole 24 Ore writes that Mayhoolahas mandated Rothschild as its advisor to sound perspectives for a possible listing in the future.
Mozah bint Nasser Al Missned, elegant and powerful wife of Qatar’s emire Sheikh Hamad bin Khalifa Al Thani, had bought Valentino in July 2012, paying 720 million euros, all cash. The deal had been conducted through Mayhoola for Investments which bought Valentino Fashion Group (VFG) from Red&Black Lux sarl, the holding company owned by Permira funds (80%) and by the Marzotto family (20%) (see MF Milano Finanza).
The deal included just Valentino spa and the M Missoni licence, while the other brand managed by VFG, that was Mcs-Marlboro Classics,was separated from the sale perimeter and remained under Red&Black’s control.
The 720 million euros valuation meant a 33x ebitda mutliple for year 2011 for Valentino spa (that had been 22.2 million euros versus 22.3 millions for VFG as a whole) and a 24x expected ebitda multiple for year 2012 (seen at 30 million euros with a 370 million euros revenues target, up from 322 millions in 2011).