Valentino, among Italy’s best-known fashion companies, revealed on Wednesday that it had appointed Riccardo Bellini as its next CEO.
The appointment is a semi in-house change, since Bellini is already managing director of Mayhoola, Valentino’s main investor. From September, he will replace Jacopo Venturini, the departure of whom was confirmed last week as an amicable choice.
Valentino’s president Rachid Mohamed Rachid declared himself assured by the leadership change, stressing that alongside creative director Alessandro Michele, Bellini would propel the maison forward while reinforcing its unique personality.
Although Bellini only took on the MD role at Mayhoola in January, his remit was extensive—ranging from strategic oversight of the group’s luxury portfolio to guiding operational performance, cultivating talent, and identifying avenues for growth.
Previous to Mayhoola, he was CEO of Chloé for 2019-2023, after senior positions at Diesel and top management of Maison Margiela for OTB. Previously in his career, he developed deep know-how in beauty in 12 years with Procter & Gamble, eventually as marketing director of its Beauty & Prestige business.
His wide-ranging experience will be invaluable as Valentino rides out a tough market. Luxury players are struggling with price-sensitive weakness across the sector, and even sector leaders such as LVMH and Kering—Valentino’s controlling shareholder—have posted weaker profitability and sales.
Valentino’s own recent filings highlight the challenge. For 2024, the house reported revenues of US $ 1.45 billion, 2% down at constant exchange and 3% at current rates. Retail and online sales rose, but EBITDA dropped 22% to US $273 million, partly on one-off expenses, a reflection on what was termed a volatile year for the company.
