Valentino SpA (Milan, Italy), the fashion brand founded 53 years ago by designer Valentino Garavani, is preparing to open its largest worldwide flagship next year, on Fifth Avenue in New York.
According to an exclusive report in Women’s Wear Daily, the new three-story, 20,000-square-foot store will be in the old Takashimaya Building between 54th and 55th streets.
The company, which is owned by Qatar’s Mayhoola for Investments Spc, is also planning new freestanding stores in San Francisco, Los Angeles and Shanghai.
“It’s a very exciting period,” ceo Stefano Sassi told WWD. “In three years, we saw sales grow around 70 percent. The brand is growing fast.”
The group controlled by the royal family of Qatar acquired the Valentino Fashion Group in July 2012. While WWD says it will not likely buy the 20-story Fifth Avenue building currently owned by Thor Equities (which bought it in 2010 for a reported $142 million), it has recently acquired some prominent real estate, including London’s Harrods department store and Paris’ Printemps.
This summer, reports WWD, Valentino will open a three-story, 5300-square-foot store on New York’s Madison Avenue, an accessories-only store at The Forum Shops at Caesars in Las Vegas and a 3000-square-foot store at Las Vegas’ Shops at Crystals.
In the fall, Valentino’s new 7000-square-foot store at Grant and Geary streets in San Francisco will be the first U.S. store to carry the complete men’s collection; and there will be a 7535-square-foot store at Shanghai’s IAPM mall. Sassi said Asia is the brand’s fastest-growing region.
The company is said to be eyeing a unit in Aspen, Colo., as well.