ROME (Reuters) -Valentino has appointed industry veteran Riccardo Bellini as new chief executive, it said on Wednesday, hiring him from the Qatari fund Mayhoola which is the Italian fashion house's parent company.
Bellini, who will take up the role at the start of September, replaces Jacopo Venturini whose departure was announced last week.
The appointment is part of the large-scale change in management and artistic direction sweeping across the fashion industry as it grapples with a deep slump in key
U.S. and Chinese markets.
New designers will debut at labels including Chanel, Balenciaga, Loewe, Maison Margiela and Versace in upcoming fashion weeks in September and October.
"I am honored to join Valentino, an iconic maison that blends extraordinary heritage and craftsmanship with a unique creative voice," Bellini said in a statement.
Bellini had been managing director at Mayhoola, a role he took up only in January, according to his LinkedIn profile.
He will work alongside creative director Alessandro Michele as part of a new top team at Valentino. Michele joined Valentino last year.
Bellini previously served as CEO of luxury brands Maison Margiela and Chloé, and held leadership roles at Diesel and Procter & Gamble.
His appointment comes at a time of uncertainty for Valentino, founded in Rome in 1960 by Valentino Garavani and Giancarlo Giammetti.
The label is now part-owned by French luxury conglomerate Kering, which bought a 30% stake from Mayhoola for 1.7 billion euros ($2 billion) in 2023, with a commitment to buy the rest by 2028.
Last month, Mayhoola denied a newspaper report that the two shareholders were considering selling Valentino.
Kering, which will have former Renault boss Luca de Meo as its new CEO from next month, declined to comment at the time.
($1 = 0.8572 euros)
(Writing by Keith WeirAdditional reporting by Mimosa Spencer in ParisEditing by Gavin Jones)
