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Italy:Fashion house Valentino gains control in Japan |
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2004-12-21
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Valentino, the Roman fashion house owned by Italian textiles and clothing company Marzotto, has taken the final hurdle to gaining control over distribution in Japan, where it generates approximately €30 million.
The company has signed an agreement with its Japanese partners Mitsui, Aoi and Sann Frere to acquire the majority of its Japanese subsidiary Valentino Boutique Japan through a capital increase.
Mitsui will retain a minority interest in the company, which was founded by Valentino and its three local partners in 1974 and presently operates five stores and 20 in-store shops in Japan.
Valentino''s boss, Michele Norsa said the acquisition gave the company the opportunity to push growth by reducing price differences between Italy and Japan. The company also plans to restyle stores and reposition the brand in Japan.
Next year, Valentino intends to generate 14 percent of sales in Japan, which is Valentino''s third largest market after the US and Italy, where sales account for 40 percent and 27 percent respectively.
Presently, Valentino produces exclusively in Italy, but is testing the production of certain products abroad such as men''s jackets in Egypt.
The company expects sales to increase by 10 percent to €165 million this year. Operating profit is predicted to double to €12 million.
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