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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 2000 to 2004 as its brand manager for womenswear and menswear before leaving for Prada. He returned to Valentino in a new role in 2008, staying until 2015 when he left for a position at Gucci. He came back to Valentino once again in 2020, this time as CEO, 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.
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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.
Learn more:
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.
Editor's Note: This story was amended on Aug. 14 to correct the dates of Venturini's previous terms of employment at Valentino.
