Valentino CEO Departure Sparks Leadership Hunt

Valentino's CEO, Jacopo Venturini, has stepped down from his role, leaving the luxury brand seeking new leadership. His departure follows reports of declining sales and profit, and his previous role at Gucci. Valentino, partially owned by Kering, faces speculation over its ownership structure.

In a surprising move, Valentino's CEO, Jacopo Venturini, has resigned, as announced by the Italian luxury fashion house. This development leaves the brand, backed by Mayhoola and Kering, without a leader to steer sales and profitability amid challenging financial results.

Venturini's departure, effective from Wednesday, was reportedly a mutual decision for personal reasons. This follows his tenure beginning in June 2020 and a recent sick leave amidst media speculations about his exit from a company experiencing a downturn in revenue.

Founded in 1960 by Valentino Garavani and Giancarlo Giammetti, Valentino has seen significant stakes change hands, with Kering holding 30% and planning complete acquisition by 2028. As of now, both Mayhoola and Kering have declined to comment on the leadership changes and any potential shifts in ownership.

(With inputs from agencies.)