Valentino poised at new crossroads as CEO Jacopo Venturini steps down

The Italian luxury house Valentino has entered a fragile new phase following the departure of CEO Jacopo Venturini, whose resignation, effective August 13, was announced by the company last week. The exit, first reported by Women's Wear Daily (WWD), was described as the result of a mutual agreement: Venturini “has decided to take a break for personal reasons.”

Venturini, aged roughly in his early 50s, had steered Valentino from June 2020, after a senior merchandising role at Gucci, consolidating operations under the ownership of Qatari fund Mayhoola and Kering’s gradual entry as co-owner. His final months had been marked by sick leave and media speculation, amid a palpable dip in performance. In 2024, Valentino recorded a 2 per cent decline in revenues (to 1.31 billion euros) and a sharper 22 per cent fall in core profitability (246 million euros EBITDA).

Creative continuity, for now, remains intact. Alessandro Michele, the former Gucci creative director who took the helm at Valentino in March 2024, will remain in place. The board continues to back his vision despite questions about its traction in retail.

As one fashion executive commented, the departure comes at an inopportune moment: Venturini’s plans were centred on reviving Valentino’s commercial momentum and crystallising Michele’s creative identity through retail before the end of 2025, a pivot necessary just as the broader luxury market is expected to regain strength. This alignment of strategy and momentum now faces uncertainty.

Furthermore, lingering in the backdrop is the evolving ownership structure. In 2023, Kering acquired a 30 per cent stake in Valentino from Mayhoola for 1.7 billion euros, with the option to complete full ownership by 2028. With Kering’s incoming CEO Luca de Meo assuming the role in mid-September, speculation is mounting about whether the terms of the deal might be revisited under new leadership.

From a strategic standpoint, the vacancy at the top accentuates the need for decisive leadership, someone capable of balancing operational discipline with creative ambition. With a new CEO to be announced “in due course,” as stated by the house, the incoming executive will confront immediate challenges: reinvigorating retail performance, defining a coherent brand identity around Michele’s aesthetic, and navigating the ownership transition amid fragile market conditions.

For the fashion industry, the key questions are whether Michele’s offbeat, romantic approach can be translated into commercial success, and whether his vision will endure through the leadership transition, or be recalibrated in response to shifting priorities at Mayhoola and Kering.