Lower revenues and higher debt: 2025 proved to be a rather difficult year for Valentino, which is owned 70% by the Qatari fund Mayhoola and 30% by the French group Kering, which retains the option to increase its stake to 100% by 2029. Alessandro Michele’s impact is not yet visible, and the two shareholders were forced to inject EUR 100 million into the business during 2025 to strengthen liquidity. Both parties have also committed to supporting the brand throughout 2026.
Valentino in 2025
Luxury has entered a period of slowdown and Valentino was no exception. Revenues for the Roman fashion house reached
EUR 1.12 billion, representing a decline of 15% compared with the previous year. The level achieved in 2025 is similar to that of 2016, with EUR 300 million in sales disappearing between 2023 and 2025.
As Reuters points out, all regions recorded negative performance, with
Japan and the Asia-Pacific area particularly affected. While jewellery and fragrances held steady, leather goods and footwear experienced declining revenues. An operating profit of EUR 31 million in 2024 turned into a loss of EUR 103 million in 2025. Excluding lease liabilities,
net debt rose from EUR 377 million to EUR 472 million.
The Michele effect is yet to materialise
Debt levels have become a closely monitored issue. Last year, Mayhoola and Kering intervened with capital injections worth EUR 100 million. As Reuters reported from company filings, the two shareholders have renewed their commitment to supporting the fashion house through 2026. The 2025 figures inevitably place Alessandro Michele under scrutiny. He was appointed creative director in 2024 under a substantial contract, yet the results may not be what shareholders had hoped for, compounded by the broader slowdown across the luxury sector.
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