Leadership changes follow after reported declines in revenue and earnings for 2024
Valentino’s chief executive officer Riccardo Bellini is assembling his management team, appointing Laurent Bergamo as deputy CEO amid organizational changes at the Rome-based couture house.
Bergamo first joined Valentino in 2018 after 14 years with Tod’s. He began as general manager for the Middle East and advanced to CEO of Americas in 2020. In 2023, he was named chief commercial officer, expanding his focus to Eastern markets while overseeing the global outlet business and retail performance and operations. Previously, he held the role of chief commercial officer for the Americas, Brazil, Europe, and Middle East.
Additionally, Davide Tosi has been named chief merchandising officer at Valentino. Tosi was formerly the global chief merchandising officer for ready-to-wear at Gucci, where he reported to Maria Cristina Lomanto. Lomanto, who departed Gucci in mid-November, had served as the brand’s president of Europe, the Middle East, and Africa since 2022.
Bellini succeeded Jacopo Venturini as CEO on September 1. Before this role, Bellini was managing director of Valentino’s parent company, Mayhoola, which also includes Balmain, Pal Zileri, and Turkish retailer Beymen. He previously led the turnaround of Chloé and Maison Margiela.
Valentino reported that its 2024 revenues declined by 3 percent to 1.31 billion euros, with earnings before interest, taxes, depreciation, and amortization (EBITDA) decreasing 22 percent to 246 million euros. Under the leadership of Bellini and creative director Alessandro Michele, the brand is attempting a turnaround strategy.
The company has been reducing its wholesale channels, with a decrease of approximately 20 percent in 2024. This approach continued into 2025 and is expected to affect year-end performance. Industry sources indicate that Valentino is currently seeing double-digit revenue decreases in 2025, making it less favorable for Mayhoola to exercise its put option in 2026.
In September, Kering and Mayhoola stated that the ownership structure of Valentino will remain unchanged until at least 2028. This announcement amended their original shareholder agreement, established following Kering’s acquisition of a stake in Valentino in 2023.
Two years ago, Kering purchased a 30 percent stake in Valentino for 1.7 billion euros as part of a broader strategic partnership. Under that agreement, Kering held the option to acquire 100 percent of Valentino’s shares by 2028, and Mayhoola could become a shareholder in Kering, with the final valuation tied to Valentino’s performance. The amended agreement now postpones Mayhoola’s put options on Kering, initially set for 2026 and 2027, to 2028 and 2029, respectively. Kering’s call option to purchase Mayhoola’s remaining stake is similarly deferred to 2029.