The Italian luxury house Valentino is in a new, fragile phase after the departure of CEO Jacopo Venturini. His resignation, which will be effective on August 13, was announced by the company last week. On the departure, which was first reported by Women’s Wear Daily (WWD), it was said that he was the result of a joint agreement. Venturini chose a break for personal reasons.
The early fifty-year-old Valentino has headed Valentino since June 2020, after having held a leading merchandising position at Gucci. Under his leadership, the shops of the house were consolidated by the Qatarian fund Mayhoola, while Kering gradually started as a co -owner. However, his last months were characterized by disease failures and media speculations, while the company’s benefit was significantly decreasing. In 2024, Valentino recorded a decline in sales from two percent to 1.31 billion euros and a stronger decline in core reduction by 22 percent to 246 million euros before interest, taxes and depreciation.
Departure at an unfavorable time
The creative continuity even after its departure is preserved for the time being. Alessandro Michele, former creative director of Gucci, who took over the management of Valentino in March 2024, remains in office. Despite questions about their commercial success in retail, the board should continue to support its vision.
As a manager commented from the fashion industry, the departure still comes at an unfavorable time. Valentine’s commercial dynamics aimed at reviving Valentino and consolidating Michele’s creative identity in retail by the end of 2025. This realignment is particularly important, since the luxury market is expected to gain strength again. Now the implementation of this strategy is confronted with uncertainty.
The developing owner structure also plays a role. In 2023 Kering acquired a 30 percent share of Mayhoola Valentino for 1.7 billion euros, with the option to take over full ownership by 2028. With the upcoming taking office of the new Kering CEOS Luca de Meo in mid-September it is speculated whether the conditions of the deal may be negotiated under the new leadership.
From a strategic point of view, the vacancy at the top increases the need for a determined leader that can reconcile operational discipline with creative ambition. The new manager, which is announced “in due course”, faces direct challenges: the revival of retail performance, the definition of a coherent brand identity around Michele’s aesthetics and the navigation through the change of ownership in the middle of fragile market conditions.
For the fashion industry, the central questions arise whether Micheles can be implemented in commercial success and whether his vision survives the change of leadership or, in the course of changing priorities in Mayhoola and Kering, is newly calibrated.
This article was used with digital tools translated.
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