Valentino Appoints Deputy CEO

Core Insights - Valentino is undergoing a leadership transition with Riccardo Bellini as the new CEO, focusing on team building and strategic changes to revitalize the brand [1][4] Leadership Changes - Laurent Bergamo has been promoted to deputy CEO, having joined Valentino in 2018 and previously held various roles including CEO of Americas and chief commercial officer [2] - Davide Tosi has been appointed as chief merchandising officer, previously serving at Gucci [3] Financial Performance - Valentino's revenues for 2024 are projected to decrease by 3% to 1.31 billion euros, with earnings before interest, taxes, depreciation, and amortization (EBITDA) falling by 22% to 246 million euros [5] - The brand is experiencing double-digit revenue declines in 2025, which may affect its year-end performance [6] Strategic Adjustments - Valentino is streamlining its wholesale channel, reducing it by approximately 20% in 2024, a strategy that will continue into 2025 [6] - The ownership structure of Valentino will remain unchanged until at least 2028, as per a new agreement between Kering and Mayhoola [7] Ownership and Investment - Kering acquired a 30% stake in Valentino for 1.7 billion euros in 2021, with options for future ownership changes linked to the brand's performance [8] - The timeline for Mayhoola's put options and Kering's call option regarding Valentino's remaining stake has been postponed to 2028 and 2029 [8]