MILAN (Reuters) - Former Gucci executive Jacopo Venturini has been appointed as the new chief executive of Italian luxury brand Valentino starting from June, the group said on Tuesday.
Venturini will replace Stefano Sassi who has led the turnaround at the label after taking charge in 2006, two years before the retirement of its world famous designer Valentino Garavani
Valentino is controlled by Qatari investment vehicle Mayhoola, which bought it from private equity fund Permira in 2012.
Venturini takes the helm as sales of luxury goods fall worldwide due to the coronavirus pandemic. He was previously executive vice president, merchandising and global markets at Kering 's (PA:PRTP) powerhouse Gucci, a role he left in October last year.
He has already worked twice for Valentino, first as womenswear and menswear brand manager between 2000-2004 and later as ready-to-wear collection director in 2008, after a three year stint at Prada (HK:1913).
"The decisions that I've taken in full agreement with the board and the shareholders are aimed at the growing ambitions of the brand and I'm optimistic for the future of Valentino once the emergency situation ceases," Sassi said in a statement.
