Valentino Revisits Executive Organization
MILAN — Valentino is revising its executive structure with three key appointments as Alessio Vannetti exits the company.
Vannetti, chief brand officer, is leaving to pursue new career opportunities and his activities will be assigned to the new functions of marketing, e-commerce and omnichannel.
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Vannetti joined Valentino in March 2020, tapped by then-chief executive officer Stefano Sassi, tasked with globally leading different areas including the entertainment industry, press office, events, graphic department and production, archive, media plan, social media and digital marketing. He was previously Gucci’s worldwide communications director from January 2015 until September 2019.
Before Gucci, Vannetti worked at the Ermenegildo Zegna Group and Prada.
Laurent Bergamo was appointed chief commercial officer and will expand his purview to Eastern markets while overseeing the global outlet business and retail performance and operations organization. Bergamo, who was appointed Valentino’s CEO of Americas in September 2020, was promoted to chief commercial officer Americas, Brazil, Europe and Middle East, in May last year. He arrived at Valentino in 2018 as general manager of its Middle East region. Previously he spent 14 years at Tod’s.
Andrea Cappi was appointed chief e-commerce and omnichannel officer in a newly established dedicated business unit aimed at further developing the brand’s digital presence across the board. He will join the luxury house on Sept. 11. Cappi has built his career at Accenture, CRIF, Yoox, Liu Jo, and Max Mara.
Valentino last year started internalizing its e-commerce, which was previously managed by the Yoox Net-a-porter Group.
Director of brand strategy at Valentino, Yigit Turhan was appointed chief marketing officer, effective Tuesday. After previous experiences at the Ermenegildo Zegna Group and Gucci, Turhan joined Valentino in 2018.
Bergamo, Cappi and Turhan will report to Valentino’s CEO Jacopo Venturini.
“These appointments mark a significant step in the brand’s journey to further elevate its presence in the luxury fashion industry and reposition itself as a maison de couture putting the client at the center to pursue a solid growth strategy,” said the company in a statement, reflecting Venturini’s vision since his arrival in 2020.
The appointments, continued the statement, “demonstrate Valentino’s unwavering commitment to nurturing top talent within the fashion industry and driving excellence across all facets of its business. With this exceptional executive team in place, Valentino is well-positioned to capitalize on new opportunities, fuel growth, and continue delivering unparalleled luxury experiences to its discerning clientele.”
As reported, Venturini has been rebalancing the couture house’s retail and wholesale distribution in favor of expanding its network of directly operated stores, contributing to gains in profits and revenues last year.
In the 12 months ended Dec. 31, sales at the Rome-based couture house reached 1.42 billion euros, climbing 15 percent compared with 1.23 billion euros in 2021. Venturini attributed the increase to a change in the company’s business model. Valentino reported 21 percent growth in its directly operated stores network, including e-commerce, while the wholesale channel registered a 6 percent decrease.
Retail accounts for 67 percent of sales, and the goal is for that channel to represent 80 percent of the total by 2025 or 2026.
In the 12 months ended Dec. 31, earnings before interest, taxes, depreciation and amortization, including the IFRS 16 impact, amounted to 337 million euros, up 18 percent compared to 2021. Operating profit totaled 121 million euros, climbing 30 percent compared with 2021.
In May, Valentino unveiled its Avenue Montaigne boutique in Paris, the first main flagship to feature its new retail concept, inaugurated last year and rolled out in 52 stores so far.
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