Valentino has ushered in a new era by appointing Riccardo Bellini as Chief Executive Officer, effective immediately. Bellini, who previously led Chloé, steps into the role at a pivotal time for the Italian luxury brand. He succeeds Jacopo Venturini and will work closely with creative director Alessandro Michele, formerly of Gucci—a dynamic duo poised to reshape Valentino's future.
This move comes under the watchful eye of Mayhoola for Investments, the Qatari group that owns Valentino. Mayhoola also controls Balmain and Pal Zileri, and is pushing for accelerated global expansion. Valentino's sales have lagged behind competitors like Dior and Gucci in recent years, prompting leadership to seek fresh strategies for growth.
Bellini brings a track record of transforming luxury brands. During his time at Chloé, he championed creative collaborations and sustainable innovation. Now, paired with Michele's bold design sensibility, industry insiders expect Valentino to focus on product innovation, expanded ready-to-wear collections, and a digital-first retail strategy. The aim is clear: restore momentum and outpace sector heavyweights.
Mayhoola's ambitions don't stop at creative renewal. The group is targeting double-digit revenue growth over the next three years. Analysts see Bellini's appointment as a sign Valentino could be gearing up for a potential IPO or further mergers and acquisitions. "Pairing Bellini with Michele gives Valentino both commercial discipline and creative firepower," says Bernstein's Luca Solca. "It sets up the house to compete more aggressively against larger conglomerates."
Recent figures underscore the urgency. Valentino's estimated 2024 revenues held steady around €1.3 billion, with direct-to-consumer e-commerce accounting for roughly 18% of sales—yet EBITDA margins still trail key rivals. Meanwhile, Dior's revenues surged 12% year-over-year, highlighting the competitive gap.
To close that gap, Bellini is expected to lead a strategic reset in several areas. First, he'll drive international expansion, particularly in North America and Asia-Pacific markets where Valentino's presence is less established but promising. Second, the brand will double down on digital commerce and omnichannel retail, reflecting how luxury shoppers now blend online and offline experiences. Third, sustainability will be a core focus—both Bellini and Michele have championed eco-conscious initiatives in prior roles, aligning Valentino with younger, values-driven consumers
The stakes are high. The global luxury market is projected to grow at about 6% annually through 2030. For Valentino, the challenge is not just to defend its legacy but to capture new relevance and market share. As Bellini put it, "Together with Alessandro Michele we will write a new chapter focused on creativity, innovation, and sustainable growth."
For fashion enthusiasts, these changes at Valentino matter. The partnership between a visionary designer and a business-minded CEO could spark new collections, boundary-pushing campaigns, and a revitalized presence on the world stage. In a landscape where heritage houses must innovate or fade, all eyes are now on Valentino's next move.
© Copyright Fashion Times 2024. All rights reserved.
