Valentino’s CEO calls to sick in the midst of profit cuts

The Italian luxury brand Valentino said Monday that CEO Jacopo Venturini was currently on a sick leave, responding to media reports on his forthcoming departure.

A possible change in the Managing Director will be confirmed, if confirmed, will further with the further pressure on the high -tech business, which reported a reduction in revenue and profits last year.

Italian fashion blog The platform reported on Sunday that the Italian director, who took the role in 2020, was to leave the team to have more time for himself.

In contact with Reuters, the Rome -based team controlled by the Qatari Mayhooola Investment Fund, sent a brief statement saying that the executive was on sick leave, without providing further details.

The owner of Gucci-owner Kering bought a 30 percent share of Valentino in 2023 for $ 1.7 billion with a commitment to buy the remaining 70 percent by 2028, hoping to create a second flagship label that has a high-raped root.

Valentino, who last year called Alessandro Michele’s star designer as a creative manager to replace the elongated Pierpaolo Piccioli, reported a 2 % drop in continuous exchange rates last year to € 1.31 billion ($ 1,54 billion).

Its basic gain decreased by 22 % to 246 million euros, with the wider industry facing demanding demand and provocative economic scene.

Michele’s new collection, which arrived in the stores only in the last quarter of 2024, according to documents registered at the Local Chamber of Commerce, has not yet convinced customers, three sources said close to the issue.

Valentino’s usual customers do not buy much of the collection and new transformers have emerged slowly, sources said.

Valentino was not readily available for a comment on the performance of the new collection.

Kering’s market agreement included the options of crossing and calling for Kering, which is struggling to resume Gucci’s main brand, to buy Valentino’s entire share capital from May 2026 to 2028.

Analysts are wondering about the timing of the redemption of the remaining share, as it could weigh the company, which is already struggling to reduce debt. Reuters