Luxury design house Valentino SpA faces a $ 207.1 million lawsuit after the owner of its former U.S. flagship store on Manhattan’s Fifth Avenue accused the Italian brand of breaking its contract. illegally leasing and leaving the building damaged, according to several outlets.
Valentino closed the store at the four-story location on Fifth Avenue in December amid the coronavirus pandemic.
The owner of the location at 693 Fifth Ave. claims that the fashion house can be rented until July 2029, when the lease is expected to expire, according to Reuters.
In addition to the rent, the landlord charges Valentino for damages, which allegedly include holes and paint on Terrazzo’s Venetian marble panels, worth $ 12.9 million.
The lawsuit comes months after Valentino asked courts to rescind the brand’s 16-year lease 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, lack of consumer confidence and the predominant fear of” non-essential “and face-to-face luxury retail stores, Valentino’s business in the press it has been substantially argued and has become practical, unfeasible and no longer viable. “
The lawsuit was dismissed Jan. 27 by Judge Andrew Borrok, who ruled the lease favored the landlord. Valentino appeals the decision, according to Reuters.