Luxury design house Valentino SpA is facing a $ 207.1 million lawsuit after the owner of its former US flagship store on Fifth Avenue in Manhattan accused the Italian brand of violating its illegal lease and leaving the building. damaged, reports several points of sale.
Valentino closed the store on the four-story Fifth Avenue location in December amid a coronavirus pandemic.
The owner of the location on 693 Fifth Ave. claims that the fashion house can be rented until July 2029, when the lease will expire, according to Reuters.
In addition to the rent, the landlord is charging Valentino for damages, allegedly including holes and paint on the $ 12.9 million Venetian Terrazzo marble panels.
The lawsuit comes a few months after Valentino asked the courts to terminate the 16-year lease of the brand in space, citing the impacts and regulations caused by the coronavirus pandemic, Fox Business reports.
In the current social and economic climate, full of restrictions related to COVID-19, social distancing measures, a lack of consumer confidence and a predominant fear of luxury retail boutiques, “non-essential”, patronized, in business Valentino on the premises they were substantially hindered and became impractical, unachievable and no longer works “, the luxury brand claimed.
The lawsuit was dismissed on January 27 by Judge Andrew Borrok, who ruled that the lease favored the landlord. Valentino is appealing the decision, according to Reuters.