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

by News Editor

April 18, 2025

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.

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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.

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Cypriot Government Employment Sees Modest Growth in April

by THEFUTURE.TEAM

May 12, 2025

Total government employment in Cyprus increased by 237 persons, a rise of 0.4 per cent, in April, compared to the same month in 2024, reaching a total of 55,490 employees, according to the state statistical service.

Employment in the civil service and the security forces decreased by 1.2 per cent and 1.1 per cent respectively, while the educational service saw an increase of 3.8 per cent.

Civil Service and Educational Service Breakdown

In April 2025, the civil service employed 11,960 permanent staff, 4,141 employees with contracts of indefinite duration, 1,458 with contracts of definite duration, and 5,798 hourly paid workers.

Permanent employees represented the highest proportion of the civil service workforce at 51.2 per cent, while employees with contracts of definite duration made up the lowest proportion at 6.2 per cent.

In the educational service, there were 12,461 permanent employees, 947 with contracts of indefinite duration, 4,824 with contracts of definite duration, and 141 hourly paid workers.

Permanent staff formed the majority of the educational workforce at 67.8 per cent, while hourly paid workers accounted for only 0.8 per cent.

Security Forces Breakdown

Within the security forces, 8,430 were permanent employees, 4,304 held contracts of indefinite duration, 267 were on definite-duration contracts, and 759 were hourly paid workers.

Permanent employees again made up the largest group in the security forces at 61.3 per cent, with definite-duration contracts representing just 1.9 per cent.