Valentino‘s next chief executive officer comes from above: Riccardo Bellini, managing director of the Roman house’s parent Mayhoola, will step into the operational role on Sept. 1, WWD can confirm exclusively.

The veteran luxury executive brings to the task formidable turnaround experience, the trust of Mayhoola’s majority shareholder, a strong rapport with Valentino’s creative director Alessandro Michele, familiarity with the Roman house’s business challenges – and nerves of steel.

It is understood Mayhoola has no immediate plans to name a new managing director, signaling the importance and scale of the Valentino challenge by entrusting its top lieutenant, who had spent at least half his time on the Roman brand since assuming the group-level role last January. (Mayhoola also controls Balmain, Pal Zileri and Turkish retailer Beymen.)

Bellini succeeds Jacopo Venturini, who stepped down as CEO earlier this month, having reached a mutual agreement with Valentino to terminate his employment and board roles. The executive had “decided to take a break for personal reasons,” as reported.

Bellini is tasked with quickly reversing fortunes at Valentino after Venturini’s relaunch of the brand under Michele’s creative direction sputtered. It will require Michele evolving his creative message and esthetic, which hewed closely to his Gucci era and failed to ignite the business.

Underlining luxury’s current lull, Valentino saw its 2024 revenues decrease 3 percent to 1.31 billion euros amidst “a challenging and complex landscape.” Meanwhile, earnings before interest, taxes, depreciation and amortization fell 22 percent to 246 million euros.

It is understood the brand is currently tracking double-digit revenue declines, and the house has been destabilized by the sudden, unplanned departure of Venturini, who spent five years in the role, straddling the tenures of Michele and his predecessor Pierpaolo Piccioli, who makes his debut at Balenciaga this fall.

Bellini will be based between Valentino’s offices in Paris, Rome and Milan, though one of his first tasks will be to flex his muscles as a motivator of teams by paying visits to Valentino employees around the world and drumming up enthusiasm. The executive is known for an inclusive, engaging and emphatic style of leadership.

He has already held extensive discussions with Michele on the “creative realignment” required to rev up Valentino. The executive is said to believe strongly in the Italian designer’s deep creative thinking – and his ability to devise a 360-degree brand narrative, as he did during his stellar rein at Gucci from 2015 to 2022.

To be sure, there is some urgency to Bellini’s turnaround task: Kering, which in 2023 took a 30 percent stake in Valentino as part of a broader strategic partnership with Mayhoola, has an option to buy 100 percent of Valentino’s capital by 2028, with the final purchase price linked to the Italian fashion brand’s performance.

According to Bernstein analyst Luca Solca, debt-riddled Kering will need up to 3.4 billion euros in cash to pay for the remaining 70 percent.

In a brief statement shared first with WWD, Rachid said Bellini’s appointment would accelerate Valentino’s trajectory.

“I know his extensive luxury experience, strategic acumen, and proven leadership, which — together with Alessandro Michele’s powerful creative vision — will drive the maison forward and amplify its unique identity,” he said.

Riccardo commented: “I am honored to join Valentino, an iconic maison that blends extraordinary heritage and craftsmanship with a unique creative voice. I look forward to working with Alessandro Michele and the exceptional Valentino teams to celebrate the maison’s timeless values while crafting its next chapter.”

A pensive, yet ebullient executive who frequently collaborates with sociologists to delve deeply into brand DNA, Bellini is probably best known for the turnarounds he engineered at Chloé and Maison Margiela.

To be sure, he left an indelible mark on Chloé, devising a new business model based on purpose, sustainability and accountability. During his four years as president and CEO of the French maison, the Italian executive famously recruited designer Gabriela Hearst to fast-track Chloé’s eco ambitions all the way to B Corp status — and drive the business forward, with revenues rising roughly 60 percent in the first two years of their partnership, and 40 percent over four years.

Bellini also recruited Hearst’s successor, Chemena Kamali, and worked with her on her debut collection before exiting in 2023. He went on to consult with a number of luxury and fashion players, including Mayhoola, advising the Qatar-based family office and its chairman and CEO Rachid Mohammed Rachid on its portfolio strategy and M&A, though no deals have yet materialized.

Bellini had joined Chloé in 2019 from Maison Margiela, where he spent three years as CEO, having risen through the ranks of OTB, the Italian fashion group controlled by Renzo Rosso. At Margiela, it is understood revenues more than doubled during his tenure, partnering with its then creative director John Galliano to evolve designs and communications to resonate with the brand and the market.

Bellini’s challenge at Valentino is analogous, as Michele is also relatively new in his role. He was nominated in March 2024 and his first designs, for the resort 2025 season, arrived in stores last fall.

Prior to Margiela, Bellini was executive vice president of branding at Diesel and Diesel Black Gold and chief marketing officer at Diesel.

The Italian executive started his career at Procter & Gamble Co., transitioning from beauty to a fruitful career in fashion. He is a graduate of Bocconi University and IESE Business School.

Mayhoola, an investment vehicle linked to the royal family of Qatar, is a relatively new luxury player, having acquired Valentino in 2012, Pal Zileri in 2014, Beymen in 2015, and Balmain in 2016.

Signaling a deepening commitment to the industry, it appointed Bellini as managing director, bringing its structure in line with Europe’s key luxury groups, which have installed high-powered coaches and business builders to oversee multiple brands, such as Philippe Fortunato, CEO of Fashion & Accessories Maisons at Richemont, and Francesca Bellettini, Kering’s deputy CEO in charge of brand development.

His mission was to support Rachid in overseeing “the strategic and operational activities of Mayhoola’s luxury brand portfolio” by “supporting brands to enhance performance, fostering talent development, and identifying growth opportunities,” Mayhoola said when Bellini was appointed last January.

It is understood Bellini was attracted to Mayhoola’s long-term approach to value creation, and his strong complicity with Rachid.

During his brief time in the role, Bellini closely followed the Valentino situation, its key issues and opportunities, and oversaw a creative evolution and organizational renewal at Balmain. He also tweaked the strategy and positioning at Pal Zileri.

Michele’s next collection for Valentino will be unveiled in Paris for spring 2026 with a show on Oct. 5.