Valentino CEO Jacopo Venturini Steps Down

Valentino has announced the departure of chief executive Jacopo Venturini, ending a five-year tenure that spanned the pandemic, a global retail expansion and a major creative overhaul.

In a brief statement Thursday, the Rome-based couture house said it had “reached a mutual agreement” to terminate Venturini’s employment and board roles, effective Wednesday, as he “has decided to take a break for personal reasons.” In June, Venturini was reported to have gone on sick leave.

Valentino said a successor to Venturini will be announced “in due course.”

Venturini first worked at Valentino from 2015 to 2019 as worldwide ready-to-wear collection director and retail image coordinator before joining Gucci as vice president of merchandising and global markets. He returned to Valentino in 2020, steering the company through lockdown-era store closures, expanding retail in Asia and the Middle East and recalibrating its positioning in a fast-evolving luxury market.

The leadership change comes as Valentino contends with slowing sales and profitability. In 2024, revenues slipped 2 percent to €1.31 billion ($1.4 billion), while operating profit fell 22 percent to €246 million ($271 million), as the group invested in a brand refresh under new creative director Alessandro Michele — Venturini’s most high-profile recruitment.

Michele, appointed in March 2024 after a celebrated run at Gucci, succeeded Pierpaolo Piccioli, who left to join Balenciaga. His arrival signalled a sharp aesthetic shift for Valentino, debuting at Paris Fashion Week in September 2024.

Venturini’s exit comes amid an evolving ownership structure that could determine the brand’s long-term trajectory. In 2023, Kering acquired a 30 percent stake in Valentino for €1.7 billion from Qatari investment fund Mayhoola, which retains majority control. The deal includes an option for Kering to acquire full ownership by 2028, while giving Mayhoola the possibility of becoming a Kering shareholder.

Kering’s incoming chief executive Luca de Meo — set to take over in September — will inherit decisions over Valentino’s future integration.

The next Valentino chief executive will be tasked with translating Michele’s creative reset into commercial traction, navigating a cooling luxury market and guiding the brand through what could be a transformative ownership shift.

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Valentino Faces Uncertainty as CEO Takes Sick Leave Amid Profit Slowdown

A possible change of CEO would, if confirmed, pile further pressure on the high-end business which reported a decline in revenues and profit last year.