What is going on at Valentino?

At Kering, the situation is starting to look increasingly apocalyptic. After Pinault’s departure from the role of CEO, plummeting revenues, and creative reshuffles that have destabilized the entire luxury landscape, it now seems that, after Gucci and Balenciaga, in the eye of the storm is now Valentino. Yesterday, several media outlets speculated – after a first announcement by Miss Tweed – that the CEO of the Roman brand, Jacopo Venturini, is close to stepping down. Venturini began his journey at Valentino in 2020, after four years at Gucci, where he worked closely with Alessandro Michele in his role as creative director. Further complicating the picture, Valentino officially stated yesterday that Jacopo Venturini is currently on sick leave, thus responding to the circulating rumors about his imminent departure. As reported by Business of Fashion, a potential CEO change would further intensify the pressure on the Roman brand, which had already recorded a 2% revenue drop in 2023, down to €1.31 billion, and a sharp 22% decline in profits, falling to just €246 million. A crisis that shows no signs of easing, especially considering the lukewarm reception of the first collection designed by Alessandro Michele for Valentino, which arrived in stores only in the last quarter of 2024. According to internal sources, the new line is struggling to win over both loyal clients and potential new consumers. Michele’s creative flair and aesthetics may have been too drastic a shift for Valentino’s loyal customers, who were used to a more classic kind of luxury under the creative direction of Pierpaolo Piccioli. Making matters worse is the overall crisis of the luxury sector, coupled with waning consumer interest in investing in ready-to-wear, traditionally a core focus for Valentino compared to accessories.

In this already precarious context, rumors from the capital not only confirm Venturini’s imminent departure but also suggest a growing precariousness in Michele’s position itself. According to Il Foglio Quotidiano, internal sources at the maison describe a difficult work environment marked by tensions and disagreements, especially for those who are not part of the large team Michele brought with him upon his arrival. Further complicating the scenario are the tense relations with Giancarlo Giammetti, co-founder of Valentino and longtime partner of Garavani, who recently expressed public discontent over some of Michele’s comments on the concept of beauty via the popular Instagram account @fashioncricket. Rumors of Michele’s potential exit are becoming increasingly insistent, further fueled by his conspicuous absence at the celebratory dinner for the opening of the PM23 Foundation by Giammetti and Valentino Garavani; an event attended, instead, by his predecessors Pierpaolo Piccioli and Maria Grazia Chiuri. The situation becomes even more puzzling considering some rumors from Rome, suggesting that Venturini had spent recent months first isolated in his Milan office and later confined to his home, fueling speculation of burnout. On the other hand, according to Miss Tweed, Mayhoola – the Qatari group holding the majority stake in the Maison – is reportedly still convinced by Michele’s direction and has no intention of giving up on the Roman designer’s vision, despite the poor commercial results. Are the tides turning just in time for the start of summer?