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Valentino Feels The Pinch: Profit Slides 22% As Luxury Sector Cools

by News Editor

Italian fashion house Valentino is navigating rougher waters. The brand reported a 22% drop in operating profit for 2024, landing at €246 million, as luxury demand softened, particularly in Asia, once considered a growth engine for high-end brands.

Despite solid sales in Japan, the Middle East, and the Americas, total revenue dipped 2% at constant exchange rates to €1.31 billion. The company points to one-off costs and continued investment in its directly operated stores as key profit pressures.

With China’s luxury appetite waning and geopolitical uncertainty, including lingering effects from U.S. trade policy under Donald Trump, European brands are increasingly relying on wealthy American shoppers. But even that fallback is showing cracks.

One bright spot: e-commerce. Online sales rose 5% year-over-year, a modest but meaningful gain as Valentino works to strengthen its digital presence.

CEO Jacopo Venturini struck a hopeful tone, spotlighting the brand’s creative reboot under Alessandro Michele. The former Gucci star, known for his eclectic and maximalist style, stepped into the role in March 2024 after the departure of Pierpaolo Piccioli, who defined Valentino’s identity for over two decades.

All eyes are now on Michele’s vision for the brand—and whether it can reignite momentum in a slowing global market.

Meanwhile, the company’s long-term path may soon shift. In 2023, Kering acquired a 30% stake in Valentino, with an option to buy full ownership by 2028. As luxury groups recalibrate amid cooling demand, strategic moves like this could shape the next era of fashion power plays.

Greek Tankers Transit Hormuz As Shipping Risks Rise In Gulf And Black Sea

by THEFUTURE.TEAM

Two tankers linked to George Prokopiou passed through the Strait of Hormuz as regional tensions continue to affect shipping routes in the Gulf.

Safe Passage Through Hormuz

The tanker Smyrni, operated by Dynacom Tankers Management, was observed off the coast of Mumbai on Saturday morning after its earlier positioning in the Persian Gulf. The vessel, like its predecessor Shenlong, temporarily disabled its transponder during transit, a common practice in these narrow channels under uncertain conditions.

Robust Market Commitments

Despite reduced shipping traffic through the strait, Dynacom has continued expanding its fleet. The company recently ordered four additional VLCC tankers from Hengli Heavy Industry. Each vessel will have a capacity of 300,000 deadweight tonnes. With the new order, Dynacom’s VLCC program in Chinese shipyards now totals 16 vessels.

Security Incident In The Black Sea

In a separate incident, the Greek-flagged tanker Maran Homer sustained minor damage near Novorossiysk in the Black Sea. The vessel is operated by Maran Tankers Management, part of the shipping group controlled by Maria Angelicoussis.

Reports indicated the ship was struck by a missile or drone about 14 nautical miles from the port. The crew of 24, including Greek, Filipino and Romanian sailors, was not injured. The vessel, which was not carrying cargo, continued sailing under its own power.

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