Valentino has made a significant change in the luxury fashion industry by appointing Alessio Bellini as its new Chief Executive Officer, replacing Jacopo Venturini. The announcement, made earlier this week, signals a major reshuffling at the top of the iconic Italian fashion house—one that is already fueling speculation about the brand’s future, particularly in relation to its ties with Kering.
Bellini, who joins the company at a pivotal point, brings with him a well-respected track record in high-end retail. His previous experience as Valentino’s CFO has already illustrated his ability to drive financial strategy through both periods of expansion and periods of crisis. His elevation is not only being seen as an in-house success but as one of the steps within a broader restructuring strategy spearheaded by Qatari owners of the brand, Mayhoola, as Valentino sets its sights on the next phase of its makeover.
The timing and manner of the appointment, however, have triggered additional industry rumors—namely over the growing role of French luxury house Kering, which has a 30% stake in Valentino. The July 2023 agreement included an option for Kering to acquire the brand outright by 2028. The latest change of leadership is provoking raised eyebrows: is it merely strategic succession planning or the stealthy first step towards wholesale integration into Kering’s growing empire?
Kering, home to brands like Gucci, Saint Laurent, and Balenciaga, has not been shy about wanting to bring muscle to its stable in the wake of the fierce competition from LVMH and Richemont. Many have long viewed Kering’s purchase of Valentino as a gateway into the Italian luxury tradition, making it a fitting addition to its stable. The chance of Kering acquiring Valentino in its entirety is now greater than ever, and Bellini would be an ideal bridging element to align Valentino’s activities closer to the levels and synergies of a larger group.
Insiders have suggested that Bellini’s financial background and familiarity with both Qatari ownership and European luxury dynamics make him an ideal candidate to oversee such a transition, should it occur. While neither Kering nor Mayhoola has made any public statement regarding a change in ownership plans, the industry is watching closely.
From a brand perspective, Valentino is currently undergoing a conservative reboot. Under Pierpaolo Piccioli’s creative direction until his departure earlier this year, Valentino was experiencing a remarkable re-entry into cultural discourse, particularly among younger consumers and red-carpet regulars. With creative direction now in the hands of Alessandro Michele—who came from Gucci and is widely recognized for his groundbreaking, maximalist style—all signs are that there will be a stylistic reboot in the future.
The question, therefore, is how will Bellini marry the creative and corporate shifts together? Industry observers believe that his work initially will be to bring fiscal and operational stability to what may be a bumpy transition period—both creatively and, perhaps, in terms of ownership.
Retail experts have noted that should Kering opt to take the remaining 70% of Valentino, it would be one of the biggest luxury fashions moves this decade. Its implications for competition, brand positioning, and creative direction would be huge. More significantly, it would show a tightening of control in the hands of a few powerful groups—something that remains controversial in fashion circles.
However, for now, all eyes are on Bellini. His leadership will undoubtedly chart Valentino’s path through the next decisive years. Whether this path holds greater autonomy or a top-level integration into the Kering universe is yet to be found.
There is one thing that is certain, though: in the ever-changing sands of luxury fashion, Valentino is setting itself not merely to survive — but to lead.
