Valentino shareholders pledge 2026 support as sales fall and debt rises

Valentino shareholders have agreed to provide more financial backing for 2026 after the Italian luxury house saw sales fall sharply, moved to an operating loss and added to net debt in 2025.

Rome-based Valentino, which is controlled by Qatar-backed Mayhoola with a 70% stake and counts Kering as a 30% shareholder, said it received €100 million of capital injections last year and has locked in further commitments for 2026.

“In 2025, capital injections totalling €100 million were made and further financial commitments for 2026 were formalised,” the group said in the filing cited by Reuters.

The support comes after a year in which Valentino’s revenue fell 15% to €1.12 billion and EBITDA fell 41% to €174 million, reflecting softer luxury demand and weakness across regions, according to the company’s financial statements.

Valentino’s operating result moved from a €31 million profit in 2024, the same year it named Alessandro Michele as its Creative Director, to a €103 million loss in 2025.

Under IFRS 16 reporting measures, the house saw net debt climb to €1.13 billion at the end of 2025 from €1.08 billion a year earlier.

When lease liabilities are excluded, it rose to €472 million from €377 million. By category, the filing showed fashion jewellery and fragrances were more resilient than other lines, while leather goods and footwear declined overall.

Women’s ready-to-wear represented 24% of total revenue in 2025, down from 25% a year earlier, reflecting weaker performance in directly operated stores.

In the filing, the luxury house said it will keep controlling costs, improve process efficiency and safeguard brand value as it works through the softer luxury cycle.