Valentino has named Riccardo Bellini its new Chief Executive Officer, succeeding Jacopo Venturini as the Italian brand faces declining sales.
Credit: Shutterstock
Earlier this year, Bellini was named Managing Director of Mayhoola, the Qatari investment business that owns Valentino as well as Balmain, Pal Zileri and Beymen.
Bellini is now stepping in to steer the group’s most well-known brand at a critical time. Valentino has been hit hard by a deepening slump in demand for luxury goods, which has made it more difficult to attract new clients following a radical rebrand last year by Creative Director Alessandro Michele.
In 2024, Valentino’s sales fell by 4% while EBITDA dropped by 22%. According to Business of Fashion, industry sources say the brand has yet to see an inflection point, with the decline in sales accelerating significantly so far this year. Venturini stepped down as CEO in mid-August, with the brand citing “personal reasons” for the decision.
Also to consider is Valentino’s gradual acquisition by French luxury conglomerate Kering. In 2023, Mayhoola sold 30% of the Maison to the French group, in a deal that foresees the acquisition of 100% by 2028. A process that intersects with leadership changes both at Valentino and at Kering, now led by Luca de Meo.
京公网安备 11010202009378号
