Valextra

Valextra is a brand of luxury leather goods and accessories based in Milan, Italy. The name is a portmanteau of "valigia", the Italian word for suitcase, and "extra".[1]

History

The Valextra brand was founded in 1937 by Giovanni Fontana in Milan's Piazza San Babila.[2] From the beginning, Valextra specialized in creating luggage, handbags and accessories from exotic animal hides such as alligator, hippopotamus and elephant skins. They focused upon luggage for the newly popular mode of airline travel.

From the 1940s through 1970s, Valextra handbags and luggage were frequently purchased by celebrities and wealthy clients. Among them were Gianni Agnelli, Grace Kelly, Aristotle Onassis and Jacqueline Kennedy Onassis.[3] During the last two decades of the 20th century, Valextra produced leathergoods for Cartier, Dunhill and Armani.[4] After a gradual decline in prestige and quality, in 2000, the company was purchased by Emanuele Carminati Molina, who still serves as its President.[4]

Products and production

From the beginning, Valextra's designs have been modernist and largely unornamented, and have a reputation for being aesthetically minimalist and discreet. The New York Times described their products as "refined (and) understated"[5] and the London Evening Standard as "elegant and understated".[6] The New York Times went on to say "...nothing says reverse snobbery like Valextra, the venerable Italian company known for its anonymous but stately leather goods. For years, Valextra has been an insider secret in Europe, its nameless, perfectly constructed bags appealing, ironically, to high-profile celebrities and plutocrats.[7]

Unlike similar luxury luggage companies such as Louis Vuitton, Hermès and Goyard, Valextra does not make "signature" or logo-pattern products, nor do they make canvas products. Valextra's logo is seldom visible on the outside of their goods.

All Valextra products are handmade at the company's factory in Italy, which employs approximately 60 craftspersons. Each bag bears the individual artisan number of the craftsperson who oversaw its creation.[8] Some of the items first made by the company in 1937 are still in production; cleaning and repairs are provided for life. The company will also fabricate custom luggage and handbags to the customer's specification.[9]

In 2011, Valextra hired actress Katie Holmes to design a new handbag for the company.[10]

Retail outlets

The flagship Valextra store and its headquarters are both located in Milan at #3, via Manzoni. They operate six stores in Japan, six in South Korea and one in Singapore; other markets are served by boutiques within department stores such as Barney's in New York, Harrods (Men's) and Dover Street Market (Women's) in London, Le Bon Marché in Paris, and various Holt Renfrew locations in Canada. A boutique will be opened in September 2016 on Mount Street, in London's Mayfair district.[11]

Acquisition

In 2013, a controlling stake in Valextra was purchased by the London-based private investment firm NEO Capital.[11][12] NEO Capital intends to launch a Valextra IPO within five to ten years.[8] The current CEO is Marco Franchini, who previously spent 7 years as CEO of Bally and 8 years as Managing Director for Europe of Gucci.[11] The company saw revenue of 13 million Euros in 2013.[8]

References

  1. ↑ "Valextra | Directory | Wallpaper* Magazine". Wallpaper.com. Retrieved 2014-02-26.
  2. ↑ "Valextra - Company". Valextra.it. Retrieved 2014-02-26.
  3. ↑ http://www.nytimes.com/2004/10/05/style/05iht-fbag_ed3_.html
  4. 1 2 Amed, Imran (2011-04-13). "CEO Talk | Emanuele Carminati Molina, President, Valextra - BoF". The Business of Fashion. Retrieved 2014-02-26.
  5. ↑ http://dealbook.nytimes.com/2012/04/04/no-need-to-shout-some-products-whisper-wealth/
  6. ↑ "The trail blazer look: join the flight club - Pictures - News - London Evening Standard". Standard.co.uk. 2009-08-20. Retrieved 2014-02-26.
  7. ↑ http://www.nytimes.com/2005/12/04/style/tmagazine/t_h_2345_endpage_.html
  8. 1 2 3 Mellery, Robin (2013-06-21). "Valextra Sets Goal of IPO - BoF". The Business of Fashion. Retrieved 2014-02-26.
  9. ↑ "Valextra - Company". Valextra.it. Retrieved 2014-02-26.
  10. ↑ Holt, Emily. "A First Look at Valextra's Collaboration with Holmes & Yang - Vogue Daily - Fashion and Beauty News and Features". Vogue.com. Retrieved 2014-02-26.
  11. 1 2 3 "Neo Capital buys stake in Valextra - News : Fashion (#318120)". Us.fashionmag.com. Retrieved 2014-02-26.
  12. ↑ "NEO Capital Private Equity LLP: Private Company Information - Businessweek". Investing.businessweek.com. Retrieved 2014-02-26.

External links

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