Valentino appoints fashion veteran Riccardo Bellini as CEO

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.Italian vogue home Valentino has named business veteran Riccardo Bellini as its new chief govt following Jacopo Venturini’s departure this month. The previous chief govt of Chloé and Maison Margiela will start his new function on September 1, the corporate mentioned on Wednesday. Bellini is presently managing director at Mayhoola, the Qatari luxurious funding fund backed by Sheikha Moza bint Nasser al-Missned, mom of the Gulf state’s emir, which owns a 70 per cent stake in Valentino. Designer Valentino Garavani began the long-lasting label in Rome in 1960.The appointment comes amid questions over Valentino’s future possession and a wider downturn within the luxurious items business, which has suffered steep declines in vacationer spending in Japan and Europe within the first half of the 12 months and is dealing with excessive US tariffs. Rachid Mohamed Rachid, Mayhoola’s chair, mentioned Bellini will work with inventive director Alessandro Michele “to drive the maison ahead and amplify its distinctive id”.Michele, Gucci’s former star designer, was appointed to the function final 12 months solely months after Kering, the French luxurious conglomerate that owns Gucci, took a 30 per cent stake in Valentino for €1.7bn. RecommendedKering’s chief govt François-Henri Pinault earlier this 12 months mentioned his group aimed to purchase Valentino from Mayhoola inside the subsequent few years. Nevertheless, Bellini’s appointment strengthens the Qatari firm’s maintain on the style home. Mayhoola final month denied it supposed to promote its majority stake in Valentino. Kering has been hit significantly arduous by falling revenues at Gucci, its important model, and it has employed Luca de Meo, the previous chief govt of carmaker Renault, to show round its fortunes. Greater than half a dozen different manufacturers have additionally modified their inventive administrators over the previous 18 months as a part of luxurious teams’ drive to spice up gross sales by re-engaging disaffected shoppers. Valentino, a favorite amongst Hollywood A-listers whose type is related to daring purple robes, reported €1.3bn in revenues final 12 months, a 2 per cent dip on 2023 which additionally had declining revenues on the earlier 12 months.