David Belhassen on rebuilding Valextra, guiding Victoria Beckham, selling Vuarnet and buying Tom Dixon

By

Godfrey Deeny

Published
May 30, 2024

When Valextra feted its new Paris boutique on Wednesday night it marked the latest advance in an impressive rebirth of the Milanese marque by Neo Investment Partners, the savvy investment firm that manages Victoria Beckham.

Founded by French-born David Belhassen, Neo has had a remarkable decade – acquiring and building Valextra into Milan’s hottest luxe accessories label; buying one third of Victoria Beckham, where it has almost tripled revenues and returned the house to profitability; and bringing Vuarnet out of near bankruptcy and selling it to luxury emperor Bernard Arnault LVMH this spring.
 
“We like to take small brands with massive potential, great DNA and strong, strong storytelling, and then rebuild. Most of the time with the creative founder, working with them to realize their creative vision. Never too fast, never rushing it, to make sure we’re consistent, and really connected to the brand DNA. That’s the most important point,” explained Belhassen in a conversation at Valextra’s boutique cocktail.

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Neo first bought into Valextra in 2013, recalls  Belhassen, when “it was a small brand, doing just €6 million. At the time, under the ownership of an amazing man, Signor (Emanuele) Carminati, who had taken it back from nothing in a beautiful way. Valextra is really a jewel for Milan, born in 1937 by Giovanni Fontana, who was making very advanced functional bags for his time. Connected to all the architectural world in Italy at that time.”

 
Noting that the company’s main plant in Rho, worth west of Milan, has its own museum with scores of patterns made with fellow designers over the years.

Hence, Belhassen sees Valextra’s creative community as the key to its future. Over the years, Steve Jobs and Johnny Ives of Apple became Valextra collectors, as did architects Kengo Puma and John Paulson, industrial designer Martino Gamper and even the Agnelli family – buying wallets, bags or briefcases.
 
“That’s were Valextra comes from – Monsieur Fontana’s idea of very functional, unique, minimalist beauty, and never with a logo. That’s the DNA we wanted to buy. It’s like the cold beautiful architecture of Milan where the courtyard is beautiful with fine balconies and gardens. That is Valextra!” enthuses this French entrepreneur.
 
So, when they relaunched Valextra, they staged a small dinner at the brand’s elegant flagship on via Manzoni on the final day of Salone del Mobile, Milan’s giant design fair.
 
“No fashion people, just designers. We invited 25 guests and 100 came and they stayed until 5am. We started with this community and realized that as long as that first circle likes you, you’re good! But if you drift too far from them, then you’re not. And that’s what Xavier has been doing,” he recalls with a chuckle.
 
Eventually, out of that evening grew a Valextra shop designed by Paulson, and another with Puma; while Gamper created a celebrated magnetic installation so bags and small leather goods clung to Kevlar panels.

 
Since then, led by CEO Xavier Rougeaux, Valextra has concentrated on Japan, where – without middlemen distributors – it has opened 21 shops, creating its biggest market.  
 
“Our key strategy with small brands is to focus. You cannot do everything at the same time. You don’t have the means, people or resources. You do not want to dilute your strength,” he argues.
 
Starting in Isetan’s men’s department in Tokyo, then expanding to Kyoto with a Casa Valextra, blending Italian design items with local artisanal products in a two-storey former tea house. Back in Europe, Valextra has opened in Mount Street, London and now Paris, using its signature dark-as-midnight green on the exterior. A hue that Rougeaux notes was inspired by the unique color of Lake Como, a blend of mountain green and vivid blue.
 
“What I like about Japan is that they are very exacting and perfectionist. And they get that Valextra is the highest quality there is,” Belhassen exclaims, stressing that it now competes with the hottest bag labels – from Celine to Loewe.
 
A booming “super profitable” brand, Valextra will break €80 million in revenues this year, Belhassen predicts. Not bad going for a decade.
 
Turning to Vuarnet, which Neo bought out of bankruptcy in 2014 and then sold last September, Belhassen cautions: “I can tell you who I sold it to, LVMH, but not how much. It was a fantastic story for us. But when you sell a brand, you must respect the NDA.”

Industry estimates place a ball park figure for the sale of Vuarnet at €40 milllion.
 
Belhassen met Jean Vuarnet -- the ski champion who won downhill gold in the 1960 Winter Olympics in Squaw Valley, California, and founded the marque the following year -- just before he died.
 
“He was very happy at the idea that someone would be taking care of his brand. Though, first we had to clean it up. It had keyring licenses and isotherm bag licenses, oh my God!” said Belhassen, stressing that growth first took off via a great ad campaign with Vincent Cassel, and then exploded when Daniel Craig started wearing Vuarnet as James Bond.
 
“Daniel called me, and asked if he could use Vuarnet for a Bond movie, and I said straight away that we didn’t have any budget.  But he said, ‘I just want to wear them,’ and he did. For free!” Belhassen marvels.
 
Vuarnet was mostly sold in wholesale opticians with 3,000 doors, and only two flagships, central Paris, and Nolita, New York. Albeit blessed with super-fast e-commerce growth in the US, with a high price point over $300, all its unique mineral lens glasses made in his historic planet in Meaux, France.
 
The brand also branched into fashion hiring Boramy Viguier to stage a well-received runway collection. Though it remains to be seen whether LVMH will continue Vuarnet ready-to-wear.
 
“I hope they do continue with fashion. Given their power, I think they can make Vuarnet into the next Moncler!” he insists.
 
Neo is a limited company based in London, with stakes held by major financial institutions. It has also held stakes in French fashion house AMI; luxe food marque Maison Plisson; designer eyewear Alain Mikli; Italian food specialist Obicà; and UK niche perfumer Miller Harris.
 
Belhassen and family live in Marylebone, not that far north of Victoria Beckham's HQ. Neo spent an estimated €30 million to acquire a 30% stake in the UK designer’s house back in 2017.
 
“It is a beautiful story, and Victoria is a very imaginative creator,” enthuses Belhassen. “I won’t predict the future, but what I can say is last year we passed €100 million in revenues, and we grew by 50%. And the first months of this year have met expectations.”
 

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The key factors are the “incredibly” strong growth in beauty, with very good e-commerce. “But also, fashion and now with bags, which Victoria started last year and are now flying,” he beams.
 
Once Neo entered, Beckham took her twice yearly runway shows back from New York to first London and now Paris, after a 10-year residency, and concentrated her efforts in England, where she has her headquarters and flagship store on Dover Street.
 
“The initial money that we invested has been used well. And we are going to invest more. When we first arrived, the wind was against us. But now, it is blowing us in the right direction, and Victoria has never been more creative,” he continues.
 
Under French management, with Ralph Toledano as chairman and Marie Leblanc as CEO, Victoria Beckham has achieved a remarkable turnaround. After losing £12.5 million in 2019, the house of Victoria Beckham exited the red ink in 2022 and now seems poised for rapid and profitable future growth.
 
“Ralph is the chairman of Victoria Beckham and my partner, and an investor also in Neo. He is a great expert, with a long-term vision, and a sense where to invest in a brand, and at the right moment,” insist Belhassen, who has one new project – Tom Dixon
 
“It’s a very, very beautiful London brand, where the focus is lamps, which is growing well. Next, we launch into furniture next in Copenhagen Design Week. You see, we treat all our brands individually and differently.  I want to wake up each morning with one brand in mind, and to live, breathe and think 100% about that brand,” concludes Belhassen.