Valentino Cuts Rental Costs and Sues its Landlord in New York
Valentino sued its New York landlord. Representatives of the brand claim that the place on Fifth Avenue, where the flagship Valentino boutique is located, is no longer suitable for the company due to the consequences of the coronavirus pandemic. “It’s pointless and unprofitable to keep a store in the quarantined world, the reputation of Fifth Avenue no longer works,” the brand representatives said.
Despite the fact that the lease ends in 2029, Valentino reported that they intend to move out by the end of 2020. However, the landlord refuses to accept such brand terms and is not going to terminate the lease. A trial, in this case, will begin in New York shortly. Following the forced closure of stores due to the coronavirus, similar proceedings are currently underway between the Gap, H&M and Victoria’s Secret brands and their Manhattan landlords.