Italian fashion house Valentino on Saturday posted a 23 per cent jump in turnover for the first five months of the year compared to the year-ago period and said it expects turnover to climb five per cent for the full year.

Valentino chief executive officer, Michele Norsa, told a news conference the company plans to launch a new line of beachwear and underwear for spring/summer 2003, with sales expected to reach 40 million euros in the first three years.

Valentino was acquired by fashion and textiles group Marzotto from HdP earlier this year for 240 million euros, which included around 205 million euros of net debt, with the deal being funded by the sale of certain financial investments.