Luxury design house Valentino SpA is facing a $ 207.1 million lawsuit after the landlord of its former US flagship store on Manhattan’s Fifth Avenue accused the Italian brand of illegally breaking its lease and leaving the building damaged, several report outlets.
Valentino closed his store in the four-story Fifth Avenue location in December amid the coronavirus pandemic.
The owner of the location at 693 Fifth Ave. claims the fashion house is liable for rent until July 2029, when the lease expires, according to Reuters.
In addition to the rent, landlord Valentino is charging damages, reportedly including holes and paint on the Venetian Terrazzo marble panels, to the tune of $ 12.9 million.
The lawsuit comes months after Valentino asked the courts to terminate the brand’s 16-year lease for the space, citing the fallout and regulations caused by the coronavirus pandemic, Fox Business reports.
“In today’s social and economic climate, rife with COVID-19-related restrictions, measures to distance themselves from society, a lack of consumer confidence and a prevailing fear of patronizing, ‘non-essential’ luxury boutiques, Valentino’s business is on the property has been made considerably obstructed and impractical, unfeasible and no longer workable, ”argued the luxury brand.
The lawsuit was dismissed on Jan. 27 by Judge Andrew Borrok, who ruled the lease favored the landlord. Valentino is appealing the decision, according to Reuters.