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MILAN — Valentino has named Janice Lam as chief executive officer Greater China reporting ad interim to the company’s CEO Jacopo Venturini.
She succeeds Mitchell Bacha, who was appointed to the role in April last year. Previously, Oliver Yang held the role of CEO Asia Pacific from 2008 to 2021.
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Lam previously covered the role of managing director China for Alfred Dunhill and in Prada she was general manager for China.
She is tasked with driving Valentino’s expansion in Greater China providing strategic direction and focusing on retail with the main goal to reinforce brand awareness and cement Valentino’s presence in the region.
Valentino has 28 stores in the region, ranging from Beijing and Shanghai to Hong Kong and Macau as well as Chengdu and Xi’an among some.
In 2022, the company plans to open four additional stores in Chengdu SKP and at Shenzhen Bay MIXC.
Valentino has been reorganizing its executive structure. As reported, Laurent Bergamo, who was appointed Valentino’s CEO of Americas in September 2020, will be promoted to chief commercial officer Americas, Brazil, Europe and Middle East, effective May 1.
Venturini will oversee the CEOs of Greater China, Japan, South Korea and South East Asia. Last year, Valentino tapped former Zegna, L’Oréal and Berluti executive Masumi Shinohara as CEO Japan and South Korea.
The year 2021 was key for Valentino, as Venturini carried out a repositioning of the brand, further elevating its couture status and returning the company to the black and to 2019 sales levels.
Despite the impact of the pandemic, in the 12 months ended Dec. 31 revenues rose 39.6 percent to 1.23 billion euros, compared with 882 million euros in 2020. In the fourth quarter of last year, retail sales climbed 29 percent, driven by full-price sales, balancing the contraction of markdowns.
In 2021, retail sales were up two percentage points to represent 57 percent of total revenues compared with the previous year and Venturini is aiming for this channel to account for 70 percent of sales by 2024 or 2025.