VALENTINO VERTIGINEUX: ALESSANDRO MICHELE’S INAUGURAL COUTURE COLLECTION RECALIBRATES THE HISTORIC ROMAN HOUSE
PARIS — When Alessandro Michele took the reins at Valentino in March 2024, the industry watched closely. Could the designer, known for transforming Gucci into a cultural and commercial juggernaut, bring the same magic to the Roman couture house? With Valentino’s revenues down 3 percent in 2023 to €1.35 billion, and Kering’s €1.7 billion investment in the brand hinging on long-term growth, expectations were high.
On January 29, at the Palais Brongniart, the Italian designer presented his first haute couture collection for Valentino, titled Vertigineux: A Poetics of the List. Inspired by Umberto Eco’s theories on infinity and excess, the show delivered on Michele’s signature maximalist vision—ornate gowns, historical references, and an aesthetic that blurred the boundaries between past and future. But as the dust settles, the question remains: Will Michele’s bold creative direction translate into commercial success for Valentino?
A Strategic Bet for Kering
Kering’s acquisition of a 30 percent stake in Valentino from Qatari parent company Mayhoola, with an option to buy out the brand entirely by 2028, signaled a larger ambition: to elevate Valentino into a high-growth, high-margin player within its portfolio. Unlike LVMH’s Dior or Chanel, which have successfully leveraged their couture heritage to drive broader brand desirability, Valentino has struggled to fully capitalize on its legacy.
François-Henri Pinault, Kering’s chairman and CEO, framed Michele’s appointment as part of a long-term strategy. “I am certain that with his creativity, culture, and versatile talent, he will be able to masterfully interpret the unique heritage of this magnificent house and make it flourish,” Pinault said. But with profitability at just 7.4 percent in 2023, Valentino has work to do to catch up with Kering’s more lucrative brands, such as Saint Laurent, which posted a 28 percent operating margin last year.
Can Maximalism Resonate in a Shifting Luxury Market?
Michele’s Gucci was a phenomenon—sales reportedly grew from €3.5 billion in 2014 to €9.73 billion in 2022 under his tenure. But times have changed. The luxury sector is moving towards quiet luxury, investment dressing, and a more restrained aesthetic—a stark contrast to Michele’s opulent, theatrical approach.
Still, Valentino’s DNA is rooted in grandeur and craftsmanship, making it one of the few houses where Michele’s vision could feel authentic. Vertigineux leaned into archival references, with gowns that extended the proportions of Valentino’s heritage designs to exaggerated, almost surreal lengths. The mise-en-scène, complete with a digital ticker tape listing disconnected words, underscored the collection’s conceptual nature.
Critics have questioned whether such high-concept couture aligns with today’s luxury consumer. While Chanel and Dior’s couture collections often serve as aspirational anchors for their broader businesses—driving fragrance, accessories, and ready-to-wear sales—Valentino lacks the same level of brand extension. The challenge for Michele will be translating his haute couture vision into commercially viable products across handbags, footwear, and ready-to-wear.
The Road Ahead: A Balancing Act
Michele’s first ready-to-wear collection for Valentino, Pavillon des Folies, faced scrutiny for bearing strong resemblances to his Gucci era, raising concerns that the designer might be repeating himself. The couture show, however, suggested a deeper engagement with Valentino’s legacy. His use of mature models, intricate handwork—some dresses required 1,600 hours of embellishment—and an emphasis on storytelling through craft signal a potential differentiation strategy.
That said, the market is unforgiving. Valentino needs to grow its desirability among younger, high-spending consumers while maintaining its loyal clientele. The question is whether Michele’s vision can do both—or whether it will alienate more conservative luxury buyers.
For now, the industry is watching. As Michele himself put it, “They want to keep and preserve the flame forever, and I’m going to be one of the people that try to manage the flame. But I’m going to be just one. The flame is the thing that you must keep alive.” Whether that flame translates into sustained growth for Valentino remains to be seen.
Bungalow 28 is a tech and creative agency dedicated to fashion, luxury and cultural brands worldwide.