Valentino swings to a €103 million loss — and shareholders top it up again

Valentino’s shareholders have committed further cash support for the company in 2026, after the Italian house swung to an operating loss last year and its debt increased.

Valentino is controlled by the Qatar-backed Mayhoola, which owns 70% of the company; the remaining 30% belongs to France’s Kering, which holds options to raise its stake to 100% by 2029.

“Capital injections totalling €100 million were made in 2025, and further financial commitments for 2026 were formalised,” the group’s accounts state. A year earlier, shareholders had committed up to €150 million as part of debt restructuring talks, in the course of which financial covenants based on the leverage ratio were revised and a requirement to report to the banks quarterly was introduced.

The house, which appointed Alessandro Michele as creative director in 2024, has been caught in the broader downturn in luxury demand. Valentino’s revenue fell 15% to €1.12 billion; sales declined in every region, particularly in Japan and Asia-Pacific. An operating profit of €31 million in 2024 turned into a loss of €103 million in 2025.

Net debt under IFRS 16 rose to €1.13 billion at the end of 2025, against €1.08 billion a year earlier. Excluding lease liabilities, net debt increased from €377 million to €472 million.

By category, costume jewellery and fragrance held up, while leather goods and footwear declined overall. Women’s ready-to-wear fell from 25% to 24% of total revenue on weak sales in the company’s own stores.

The group said it intends to continue controlling costs, improving process efficiency and protecting brand value.