The Italian luxury fashion house Valentino announced that Jacopo Venturini has stepped down as CEO because of personal reasons. The company announced Venturini’s departure through a mutual agreement after his sick leave in 2024 when the brand experienced declining revenue and profit.
The Women’s Wear Daily reported that creative director Alessandro Michele who joined from Gucci in 2023 will continue in his position. The French luxury group Kering owns 30% of Valentino through its acquisition of Mayhoola’s stake for €1.7 billion in 2023 while maintaining the right to buy the remaining shares by 2028.
The reports about Mayhoola and Kering planning to sell Valentino received denial from Mayhoola. Kering refused to provide any information about Venturini’s departure from the company.
During his leadership Valentino managed to overcome pandemic challenges and rising competition in the high-end fashion industry. Luxury brands currently experience reduced customer demand in China and face growing competition from LVMH and other conglomerates.
