Valentino chief executive Stefano Sassi has dismissed rumours that the private equity-owned fashion label is for sale, instead outlining plans for its continued recovery.

Speaking at the Reuters Global Luxury Summit, Sassi said the company’s owners, Permira and the Marzotto family, were focused on building up the company before any possible sell-off.

An expansion of Valentino’s entry-level apparel offer and of its Red label will be key to increasing sales to EUR400m (US$488m) within four years, compared to EUR240m in 2009.

Sassi told Reuters that he expected sales to rise about 10% during 2010, thanks to strong wholesale orders from the US and growth in Asia and the Middle East.

Valentino is poised to open an additional eight stores this year – five in China, one in Europe, one in the US and one in Japan.