David Belhassen's Role in Rebuilding Valextra, Advising Victoria Beckham, Selling Vuarnet, and Acquiring Tom Dixon

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.

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.