Latest news with #Kering-backed
RTÉ News
2 days ago
- Business
- RTÉ News
Valentino CEO steps down for personal reasons
Valentino CEO Jacopo Venturini has stepped down, the Italian luxury house said today, leaving the Mayhoola- and Kering-backed business searching for a new leader to reboot sales and profit. Valentino reached a mutual agreement with Mr Venturini to terminate his employment and board roles effective Wednesday as he "has decided to take a break for personal reasons", the brand said in an announcement seen by news agency Reuters. Mr Venturini, previously executive vice president of merchandising at Gucci, became CEO at Valentino in June 2020. Valentino had said in June that he was on sick leave, after media reports of his imminent departure from the business which reported declining revenue and profit last year. Valentino, founded in Rome in 1960 by Valentino Garavani and Giancarlo Giammetti, is part-owned by French luxury conglomerate Kering, which bought a 30% stake in the label from Qatari fund Mayhoola for €1.7 billion in 2023, with a commitment to buy the rest by 2028. Mayhoola and Kering did not reply to Reuters requests for comment about Mr Venturini's departure.
Yahoo
16-05-2025
- Business
- Yahoo
EXCLUSIVE: Balenciaga Bolsters Executive Ranks With New Deputy CEO
PARIS — Balenciaga has promoted Nathalie Raynaud, a key architect of its recent handbag successes, to deputy chief executive officer, bolstering its executive ranks as it prepares to name a new creative director. Raynaud, who joined the brand in 2021 and most recently served as chief product officer, takes on the new role effective immediately and reports to CEO Gianfranco Gianangeli, Balenciaga said in a statement shared first with WWD. She succeeds Laura du Rusquec, who left last year to become CEO of Ganni. More from WWD Gucci Fetes New Book at Maison Assouline Gucci to Unveil Cruise 2026 Collection at Historic Brand Archive French Start-up Faircraft Acquires IP, Patents as Kering-backed VitroLabs Shuts Down Raynaud, who has held merchandising, development and retail roles at brands including Dior, Louis Vuitton and Lanvin, was instrumental in driving accessories at Balenciaga under artistic director Demna, who is set to wrap his tenure at the house with an haute couture show on July 9 before moving to fellow Kering-owned label Gucci. She oversaw the rollout of the Cagole, Rodeo and Bel Air bag launches, as well as the relaunch of Le City. Accessories have proved a bright spot for Balenciaga amid an otherwise challenging luxury landscape. 'In her new role, Nathalie Raynaud's mission will be to continue bringing a strategic, creative and product-driven vision that aligns with the house's objectives to drive sales growth, influence and strengthen market position,' the brand said. Contacted by WWD, Gianangeli said the appointment would help lay the ground for the next chapter. 'Nathalie has played a key role in shaping our product strategy, establishing our current success in the leather goods category, bringing clarity and direction to an essential part of our business. Her appointment strengthens our strategic focus, especially in the architecture of our collections and product offer and ensures we're ready to support the vision of our new creative director,' he said. 'At Balenciaga, where culture, community and collaboration are at the heart of what we do, it's essential that we move forward with coherence and purpose — and Nathalie's leadership will be central to that,' Gianangeli added. Meanwhile, Demna paid tribute to Raynaud's contributions to the brand's growth. 'Working with Nathalie over the past four years has been an incredible partnership. Her precision and dedication to Balenciaga has helped drive our success,' he told WWD via email. 'I am honored to take on this new role and look forward to building on Balenciaga's success across all products and departments,' Raynaud said. She began her career in 2006 at Christian Dior Couture in the watches division, before joining Louis Vuitton in 2008, where she spent eight years in senior product and marketing roles across women's leather goods and accessories. In 2016, she moved to SMCP, parent of contemporary labels Sandro, Maje and Claudie Pierlot, where she launched and built the accessories business unit. From 2019 to 2021, Raynaud was director of accessories and licensing at Lanvin, playing an important role in the house's repositioning following its acquisition by China's Fosun. Balenciaga parent company Kering is in the midst of an ambitious turnaround effort following two years of disappointing growth. The group, which also owns brands including Saint Laurent, Bottega Veneta and Alexander McQueen, reported a 14 percent drop in revenues in the first quarter, missing low expectations. Since arriving at Balenciaga in 2015, Demna has revved up the heritage label with supersized tailoring, chunky sneakers, logo tracksuits and drop-shoulder hoodies. Kering is counting on him to breathe new life into the ailing Gucci label, which saw organic sales slide 25 percent in the first quarter. Francesca Bellettini, deputy CEO in charge of brand development at Kering, said she was scouting a 'high caliber' candidate to succeed Demna at Balenciaga. According to market sources, the house has held discussions with designers including Alaïa's buzzy creative director Pieter Mulier. Best of WWD EXCLUSIVE: Maje Names Charlotte Tasset Ferrec CEO Nadja Swarovski Exits Family Company Amid Ongoing Corporate Shakeup Aeffe MD Exits Fashion Group Sign in to access your portfolio
Business of Fashion
07-05-2025
- Business
- Business of Fashion
Lab-Grown Leather Startup Faircraft Acquires Kering-Backed VitroLabs
A French startup with ambitions to crack the market for lab-grown leather has acquired Kering-backed rival VitroLabs for an undisclosed sum. Faircraft, which was founded just four years ago, is aiming to launch a full-scale production plant for lab-grown skin within two years. If successful, it would be the first company to commercialise the pioneering technology. To date, moving from lab to market has proved tricky. Faircraft said its acquisition will give it the benefit of nearly 10 years of R&D conducted by VitroLabs. The company's primary assets are 30 patents that Faircraft said would strengthen its capacity to quickly industrialise. 'This acquisition represents a real strategic turning point for us: we are now the leader in the production of high-quality in vitro leather,' said Faircraft co-founder and CEO Haïkel Balti. 'Our objective is clear: to make in vitro leather a mark of prestige for the world's leading fashion houses.' Learn more: Kering Invests in Lab-Grown Leather Startup The French luxury giant participated in a $46 million funding round intended to accelerate commercialisation of San Francisco-based VitroLabs' lab-grown leather.
