Image Composite AnneofCarversville.com. Pierpaolo Piccoli by Inez & Vinoodh; product images Valentino IG.

Responding to a request for comment from WWD, Valentino confirmed on March 22, 2024 the departure of Pierpaolo Piccioli as creative director of Maison Valentino.

Kering’s Role is Unclear in the Mayhoola Decision

We don’t know what the role of Gucci-parent Kering has in this decision. Kering acquired 30% of Valentino in July, 2023, with an option to purchase the whole of Valentino's share capital no later than 2028.

"The transaction is part of a broader strategic partnership between Kering and Mayhoola, which could lead to Mayhoola becoming a shareholder in Kering," The parent company of Gucci said in the July statement announcing the transaction. Mayhoola, an investment vehicle controlled by the Qatari royal family, is led by Rachid Mohamed Rachid.

Luxury Stocks Are Holding Steady with Kering Plunge of $6.8 Billion

As fashion’s titanic luxury brands ship rocks in a week that witnessed Kering stock lose $6.8 billion of value on Wednesday, following news of a 20% revenue decrease at Gucci, Kering is the hardest hit.

LVMH is holding steady and positive, along with other key brands like Brunello Cucinelli and Ralph Lauren.

AOC believes that very different luxury brand marketing positions at these more ‘humanist-centered luxury brands’, coupled with deep bench strength in executive talent at LVMH — but also individual luxury brands like Cucinelli and Lauren — are positioning them to weather storms in the luxury sector.

AOC Can’t Talk Valentino Without Including Gucci

Emerging headlines suggest that Gucci may require a “big brand reset”, which we thought was in work with the departures from Gucci of creative director Alessandro Michele and CEO Marco Bizzarri.

AOC has written extensively about our misgivings of Gucci’s ‘new’ approach long before this week’s stock plunge.

Clearly Kering has known about the problems at Gucci for several weeks, if not months. Right now, the official explanation of the 20% Gucci decrease is that not enough new merchandise from new creative director Sabato De Sarno is in stores, and the old merchandise — presumably not RTW — isn’t selling as well, especially in China.

The Role of Mayhoola

Pierpaolo Piccioli’s departure from Maison Valentino may reflect nothing more than the desire for a fresh voice and design vision at the brand. And it may be a reflex action at Valentino required by larger events at Kering, via Gucci.

Additionally, Mayhoola may have significant influence and intentionality in these unfolding events. Earlier this week Jean-Jacques Guevel stepped down as CEO at Balmain, along with Balmain’s marketing director Txampi Diz.

Balmain is also owned by Mayhoola. We note that the announcement confirmed positively Balmain’s unique heritage and its talented Creative Director Olivier Rousteing.

Returning to the changing status of Valentino’s Pierpaolo Piccioli, Rachid Mohamed Rachid, chairman of Valentino and CEO of Mayhoola said via WWD: “We extend our deepest gratitude to Pierpaolo for writing an important chapter in the history of the Maison Valentino. His contribution over the past 25 years will leave an indelible mark.”

Piccioli issued a statement saying, partially reprinted here:

“Not all stories have a beginning or an end, some live a kind of eternal present that shines so bright that it won’t produce any shadows. I’ve been in this company for 25 years, and for 25 years I’ve existed and I’ve lived with the people who have woven the weaves of this beautiful story that is mine and ours.
“Everything existed and exists thanks to the people I met, with whom I worked, with whom I shared dreams and created beauty, with whom I built something that belongs to all, and that remains immutable and tangible. This heritage of love, dreams, beauty and humanity, I carry it with me, today and forever.

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