Valentino Appoints Deputy CEO

TODGF

MILAN — Valentino‘s chief executive officer Riccardo Bellini is gradually building his team, starting with a deputy to flank him in the new chapter of the Rome-based couture house.

Laurent Bergamo, who was promoted to deputy CEO, first joined Valentino in 2018, after spending 14 years at Tod’s. He rose through the ranks, from his role as general manager of the company’s Middle East region, and in 2020 to the position of CEO of Americas. Before being named chief commercial officer in 2023, expanding his purview to Eastern markets while overseeing the global outlet business and retail performance and operations organization, he was chief commercial officer Americas, Brazil, Europe and Middle East.

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Davide Tosi was named chief merchandising officer of Valentino. He was previously global chief merchandising officer ready-to-wear at Gucci, reporting to Maria Cristina Lomanto, who left the brand in mid-November. She was Gucci’s president of Europe, the Middle East and Africa since 2022.

Bellini succeeded Jacopo Venturini on Sept. 1. He was previously managing director of Valentino’s parent Mayhoola, which controls Balmain, Pal Zileri and Turkish retailer Beymen. Before that, Bellini engineered the turnarounds of Chloé and Maison Margiela.

Valentino saw 2024 revenues decrease 3 percent to 1.31 billion euros and earnings before interest, taxes, depreciation and amortization fall 22 percent to 246 million euros. Under Bellini and creative director Alessandro Michel, the house is in the midst of a turnaround.

Valentino has been streamlining its wholesale channel, reduced by about 20 percent in 2024, a strategy that continued in 2025 and that is expected to impact its year-end performance. It is understood the brand is tracking double-digit revenue declines in 2025, making it unfavorable for Mayhoola to exercise its put option in 2026.

As reported, Kering and Mayhoola in September jointly revealed that the current ownership structure of the Valentino house will not change before 2028 at the earliest. This represents an amendment to their shareholders’ agreement, inked at the time of Kering’s acquisition of a stake in Valentino in 2023.

Two years ago, Kering bought a 30 percent stake in Valentino for 1.7 billion euros in cash as part of a broader strategic partnership with the Qatari investment fund. As per that original deal, the French group had an option to buy 100 percent of Valentino’s capital by 2028, while Mayhoola could become a shareholder in Kering, with the final purchase price linked to the Italian fashion brand’s performance. As a result of the new agreement, Mayhoola’s put options on Kering exercisable in 2026 and 2027 for its remaining 70 percent stake in Valentino are now postponed to 2028 and 2029, respectively. Kering’s call option to acquire Mayhoola’s stake in 2028 is also deferred to 2029.

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