Signaling a deepening commitment to the industry, Mayhoola has hired veteran fashion and luxury executive Riccardo Bellini as its new managing director, WWD has learned.
Best known for recent stints as chief executive officer of Chloé and Maison Margiela, Bellini quietly took up the position at the investment entity earlier this month.
It’s a new role at Qatar-based Mayhoola, owner of Valentino, Balmain, Pal Zileri and the Turkish retailer Beymen, where Bellini can flex his muscles as a builder of brands, motivator of teams, and trailblazer of new business models.
He reports to Rachid Mohammed Rachid, chairman and CEO of Mayhoola, and is charged with developing the four companies in its current portfolio — and perhaps ones that might be added in future.
“We are building a more robust organization,” Rachid said. “I look forward to working with Riccardo in his role and to further strengthening our brands. I am confident that Riccardo’s leadership style and extensive fashion and luxury experience will be instrumental to Mayhoola’s continuous success.”
In a statement, Mayhoola said Bellini would support Rachid in overseeing “the strategic and operational activities of Mayhoola’s luxury brand portfolio.”
“This newly created position will play a crucial role in shaping group activities, supporting brands to enhance performance, fostering talent development, and identifying growth opportunities — all while safeguarding the unique identity and strengths of each brand,” the company added.
The appointment echoes the structure of Europe’s key luxury groups, which have installed high-powered coaches and business builders to oversee multiple brands, such as Philippe Fortunato, CEO of Fashion & Accessories Maisons at Richemont, and Francesca Bellettini, Kering’s deputy CEO in charge of brand development.
Bellini will be based between Milan and Paris as he reshapes and drives performance at Mayhoola’s various properties, with the flagship Valentino brand undergoing a creative reinvention under designer Alessandro Michele, who will make his debut at haute couture later this month, and Balmain entering a new development chapter alongside a push into beauty with Estée Lauder Cos.
A look from Valentino’s pre-fall 2025 collection.
Courtesy of Valentino
“I am grateful and excited to be able to work with Mr. Rachid,” Bellini told WWD. “He is such an inspiring leader. His sharp business acumen, wisdom and strategic vision are a unique gift for me to be inspired and importantly to continue to learn and grow. “
Since exiting Chloé in December 2023, Bellini has been quietly consulting with a number of luxury and fashion players — and visibly for Mayhoola, even attending Balmain and Valentino fashion shows not far from the elbow of Rachid.
He is also an active member of the fashion task force of the Sustainable Market Initiative alongside Federico Marchetti and King Charles III to push the sustainability agenda forward.
A pensive, yet ebullient executive who frequently collaborates with sociologists to delve deeply into brand DNA, Bellini left an indelible mark on Chloé, devising a new business model based on purpose, sustainability and accountability. During his four years as president and CEO of the French maison, the Italian executive famously recruited designer Gabriela Hearst to fast-track Chloé’s eco ambitions all the way to B Corp status — and drive the business forward, with revenues rising roughly 60 percent in the first two years of their partnership.
He also found Hearst’s successor, Chemena Kamali, who has received enthusiastic reviews for her interpretation of the brand spirit and DNA.
Bellini had joined Chloé from Maison Margiela, where he spent three years as CEO, having risen through the ranks of OTB, the Italian fashion group controlled by Renzo Rosso. At Margiela, it is understood revenues more than doubled during his tenure.
Prior to Margiela, Bellini was executive vice president of branding at Diesel and Diesel Black Gold and chief marketing officer at Diesel.
The Italian executive started his career at Procter & Gamble Co., transitioning from beauty to a fruitful career in fashion.
It is understood Bellini was attracted to Mayhoola’s long-term approach to value creation, and his strong complicity with Rachid.
Mayhoola, an investment vehicle linked to the royal family of Qatar, swept in and acquired Valentino in 2012, adding Pal Zileri in 2014, and Balmain in 2016.
A look from Balmain’s pre-fall 2025 collection.
Courtesy of Balmain
