One of Italy’s best known fashion labels, Valentino, said on Wednesday it has appointed Riccardo Bellini as its new chief executive.
It’s a semi-internal move with Bellini having been managing director of leading Valentino investor Mayhoola.
From the start of September, he replaces Jacopo Venturini whose departure by “mutual agreement” was announced last week.
Rachid Mohamed Rachid, President of Valentino, said that together with creative chief Alessandro Michele, he would “propel the house forward and amplify its unique identity”.
Bellini has been Mayhoola’s MD only since January this year and his responsibilities in that role included overseeing the strategic and operational activities of Mayhoola’s luxury brand portfolio, helping to define the group’s business, helping brands improve their performance, encouraging talent development, and identifying growth opportunities.
He’d previously been with Chloé, where he was CEO from 2019 to 2023. He also held various senior roles at OTB’s Diesel label and then ran its Maison Margiela unit. And he has a strong track record in the beauty industry with 12 years spent at Procter & Gamble, the last two as marketing director of the Beauty & Prestige division.
So he’s clearly a hugely experienced executive. And that’s what’s needed as the task ahead of him isn’t an easy one. The luxury sector continues to struggle against a widespread slowdown with very few labels continuing on an upwards trajectory. In fact, key players LVMH and Kering (which holds a major stake in Valentino) have both been among the most prominent names reporting slower sales and profits.
Up-to-date results aren’t available for Valentino, but earlier this year it filed its accounts that showed it enduring a turbulent 2024. The company reported annual revenue of €1.31 billion, down 2% at constant exchange rates and 3% at current rates. Retail sales and e-commerce sales rose during the year but EBITDA dropped 22% to €246 million, partly attributed to non-recurring expenses.
