Luxury design house Valentino SpA is facing a $ 207.1 million case after the landlord of its former US flagship store on Fifth Avenue in Manhattan accused the Italian brand of illegally violating its lease and damaging the building. left, reported several stores.
Amid the coronavirus pandemic in December, Valentino closed the store on the five-storey premises in Fifth Avenue.
The owner of the location at 693 Fifth Ave claims that the fashion house will be liable until July 2029 when the lease expires, according to Reuters.
In addition to rent, the landlord is suing Valentino for damages, which allegedly include holes and paint on the Venetian Terrazzo marble panels, up to $ 12.9 million.
The case comes months after Valentino requested that courts end the brand’s lease on the space at 16, citing the consequences and regulations caused by the coronavirus pandemic, Fox Business reported.
“In the current social and economic climate, filled with COVID-19 related constraints, social distancing measures, a lack of consumer confidence and a prevailing fear of protesting, ‘non-essential’ luxury retail stores, Valentino’s on-site business is essential. hampered and impractical, impracticable and no longer workable, ‘the luxury brand argued.
The case was dismissed on January 27 by Judge Andrew Borrok, who ruled that the lease benefited the landlord. According to Reuters, Valentino is appealing the decision.