At a time when the global luxury market is slowing down, Italian luxury brand Valentino has made a big leadership change by appointing fashion industry veteran Riccardo Bellini as its new CEO.
Bellini will start the position in early September, according to the announcement of the appointment made this week.
Jacopo Venturini, whose departure was reported last week, is replaced by Bellini. Valentino's parent company in Qatar, Mayhoola, where he has been managing director since January, is the source of his arrival.
Bellini said he was "honoured to join Valentino, an iconic maison that blends extraordinary heritage and craftsmanship with a unique creative voice."
Bellini has established himself as one of the most seasoned executives in the field. Prior to this, he held executive positions at Diesel and Procter & Gamble and was the CEO of Maison Margiela and Chloé. His professional background shows that he has successfully led luxury firms through changes in consumer preferences and global expansion.
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He will collaborate with Alessandro Michele, creative director, who came to Valentino last year following a well-known stint at Gucci.
Bellini and Michele's partnership exemplifies a broader industry trend that pairs creative talents with operational executives to navigate a sector that is encountering challenges.
Valentino Garavani and Giancarlo Giammetti founded the renowned Italian fashion house Valentino in Rome in 1960. Mayhoola now owns the bulk of it, but in 2023, the French luxury conglomerate Kering paid €1.7 billion ($2 billion) to acquire a 30 percent interest. According to sources, Kering has the option to purchase the remaining shares by 2028 under the terms of that agreement.
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A story in the Italian media last month that implied the stockholders were thinking about selling Valentino was refuted by Mayhoola. According to reports, Kering, which will also see a leadership transition next month when former Renault CEO Luca de Meo takes over as CEO, chose not to respond to the rumors.
Bellini will have to guide Valentino through operational difficulties as well as possible shifts in shareholder control over the ensuing years due to this ownership structure.
It is anticipated that Bellini's mandate would center on stabilizing sales in key areas, enhancing Valentino's standing in the fiercely competitive luxury market, and promoting the expansion of its ready-to-wear and accessory businesses in addition to its couture division. His experience at Chloé and Margiela, according to analysts, indicates that he knows how to strike a balance between tradition and modernity, which is crucial for Valentino, a brand recognized for its haute couture displays and presence on the red carpet.
In addition, his collaboration with Alessandro Michele will be essential to the future character of the brand. Known for bringing Gucci back to life while he was there, Michele offers a daring creative vision that might inspire Valentino again. It will be Bellini's responsibility to match that inventiveness with commercial success and operational rigor.