Valentino CEO exit looms, raising questions for Kering deal

Speculation is mounting over who could succeed Jacopo Venturini after Valentino confirmed its chief executive has taken sick leave amid reports he is poised to depart. Industry insiders point to Riccardo Bellini, the former Chloé chief who in January became managing director of Valentino‑owner Mayhoola, as a likely internal contender, given his proximity to chairman Rachid Mohamed Rachid and recent remit to “oversee strategy and operations” across the Qatari fund’s brands.

Venturini’s exit would come at an awkward juncture. Valentino’s 2024 revenue slipped 2 per cent to 1.31 bn euros and core profit fell 22 per cent, while Alessandro Michele’s first collections have yet to win over the label’s traditional clientele, Reuters said. A new chief will need to restore commercial momentum, ease creative tensions and prepare the maison for a potentially accelerated roll‑out of Michele’s aesthetic.

The choice also matters for Kering. The French group paid 1.7 bn dollars for a 30 per cent stake in Valentino in 2023 and holds options to buy the balance between 2026 and 2028. A steady hand in Rome could reassure Kering’s new chief executive Luca de Meo, who was appointed last month, as he tackles a debt load that analysts warn could rise above four times EBITDA if further acquisitions go ahead, according to Cosmetics Business.

Were Bellini to take the helm he would likely focus on sharpening retail productivity and tightening inventory, priorities that chime with Kering’s broader push to revive Gucci and Saint Laurent. Conversely, a prolonged vacuum or an external hire could delay integration synergies and tempt Kering to renegotiate the timing or valuation of its remaining call option, adding another layer of uncertainty to a balance sheet already under scrutiny.

For Mayhoola, installing a trusted lieutenant would preserve strategic control while signalling openness to eventual convergence with Kering’s processes. For Kering, it could be the difference between inheriting a revitalised ready-to-wear and couture asset or paying a premium for a turnaround still in its early stages. Either way, the next appointment will set the tone for whether Valentino becomes the group’s long‑sought second flagship or another expensive brand turnaround in progress.