Valentino Names Riccardo Bellini CEO With Kering Deal At Stake
Earlier this year, Bellini was named managing director of Mayhoola, the Qatari investment vehicle that owns Valentino as well as Balmain, Pal Zileri and Beymen.
Bellini is now stepping in to steer the group's biggest brand at a critical moment: 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 slipped 4 percent while EBITDA tumbled 22 percent. 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 last week, with the brand citing 'personal reasons' for the decision.
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Meanwhile, French group Kering, which owns 30 percent of Valentino's shares, is set to reevaluate its plan for taking full control of the brand under incoming CEO Luca De Meo. Mayhoola had bet on a sale to Kering as a long-term solution for the brand's governance, but the French group's new leaders may be unwilling to take on additional debt or problem units before resolving challenges in its current stable of brands (first-half operating profit fell 39 percent).
Bellini joined Mayhoola after serving as CEO of OTB's Maison Margiela, where he worked to steady the business after a rocky onboarding for creative director John Galliano. He then led Richemont's Chloé for four years, making sustainability a core message and advancing a top-of-the-market, craft-focused vision with Gabriela Hearst before tapping Chemena Kamali to revive the brand's ultra-feminine, boho-chic take on style.
Bellini will now be tasked with recalibrating Valentino's marketing message and merchandising to help thread the needle between Michele's bold creations and a brand whose client base has historically favoured a more conservative style. Revamped collections and campaigns under Michele so far have been deeply rooted in Valentino's archive, but were perceived by many consumers as déjà vu: their kitschy, layered-on styling and ruffled silhouettes too reminiscent of the designer's recent blockbuster tenure at Gucci.
Bellini's 'extensive luxury experience, strategic acumen, and proven leadership — together with Alessandro Michele's powerful creative vision — will drive the maison forward and amplify its unique identity,' said Rachid Mohamed Rachid, chairman of Valentino and Mayhoola, in a statement.
'I am honoured to join Valentino, an iconic maison that blends extraordinary heritage and craftsmanship with a unique creative voice. I look forward to working with Alessandro Michele and the exceptional Valentino teams to celebrate the Maison's timeless values while crafting its next chapter,' Bellini said.
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