Italian luxury label Valentino has confirmed the appointment of Riccardo Bellini as its new chief executive, with the seasoned fashion executive stepping into the role from September.

Bellini joins from Mayhoola, the Qatari investment fund that owns Valentino, where he has been managing director. He replaces Jacopo Venturini, whose departure from the role was announced only last week.

The leadership change comes during a period of wider upheaval across the global fashion industry, as brands contend with slowing sales in major markets such as the United States and China. Several high-profile houses, including Chanel, Balenciaga, Loewe, Maison Margiela and Versace, are set to debut new creative leadership at fashion weeks this autumn.

“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 will form part of a refreshed leadership team at Valentino alongside Alessandro Michele, who became creative director of the house last year. The incoming chief has held senior positions across several luxury labels, having previously been CEO at both Maison Margiela and Chloé, and earlier leadership roles at Diesel and Procter & Gamble.

Valentino, established in Rome in 1960 by Valentino Garavani and Giancarlo Giammetti, faces an uncertain period as it adapts to shifting market conditions. The brand is currently part-owned by French luxury giant Kering, which acquired a 30% stake from Mayhoola in 2023 for €1.7 billion ($2 billion), with plans to acquire full ownership by 2028.

Reports last month suggested Mayhoola and Kering might consider selling Valentino, though Mayhoola dismissed the speculation. Kering declined to comment at the time.