The Executive Master in Luxury Management (EMiLUX) at SDA Bocconi continues to deepen its engagement with the global luxury sector through partnerships with leading companies.

As part of the SDA Bocconi Leadership Series, the program welcomed Riccardo Bellini, Chief Executive Officer of Maison Valentino, for a session that officially marked the beginning of the brand’s collaboration with EMiLUX as Knowledge Partner for Merchandising and Retail Excellence.

The conversation brought together students from two classes: EMiLUX 8, approaching the final stage of their journey, and EMiLUX 9, at the beginning of theirs, creating a meaningful moment for the program’s community by connecting two generations of students within the same international executive experience.

The morning opened with welcoming remarks from Stefano Caselli, Dean of SDA Bocconi, who emphasized the importance of strengthening the dialogue between academic institutions and the businesses they engage with.

Enzo Baglieri, Associate Dean for the Master Division, followed by reflecting on how executive education can help prepare leaders to navigate industries where creativity, business strategy and long-term brand stewardship are deeply interconnected.

Gabriella Lojacono, Director of EMiLUX, framed the session within the broader activities of the Master and introduced Luca Conforti, Valentino’s Director of Talent and Internal Communication, and Liran Peterzil, Valentino’s Chief Marketing Officer, who underlined the value of collaboration between companies and educational programs in nurturing talent in the luxury sector.

Taking the stage, Riccardo Bellini, himself a Bocconi alumnus, engaged EMiLUX students in an open conversation shaped by questions and exchanges, drawing on more than three decades of international experience in the luxury sector, including his recent role as Managing Director of Mayhoola. His perspective combined strategic thinking with the instinct and personal insight developed throughout an international career in the industry.

A central theme was the importance of understanding the founding vision of a brand. According to Bellini, every brand is defined by a specific combination of values, cultural references and ambitions that continues to shape its identity over time. For leaders joining a company, understanding that original vision becomes the starting point for any decision. In the case of Maison Valentino, this is rooted in couture, craftsmanship and the pursuit of beauty through dressmaking. “Valentino was created with a very simple role: beauty”, Bellini noted, recalling how the founder himself described the house as being driven by a powerful idea: the desire to celebrate beauty through the mastery of Italian craftsmanship. 

Beyond the heritage of individual maisons, the discussion also explored the managerial dynamics that shape the fashion industry. One of the themes that emerged most clearly was the relationship between creative direction and business leadership: in luxury fashion, Bellini explained, the creative director plays a central role in generating value for the brand, while management is responsible for ensuring that creativity translates into a coherent and sustainable strategy. Leadership therefore often means creating the right framework for creative talent to flourish, while guiding it towards long-term brand development.

Another key topic was the growing complexity of the luxury landscape. According to Bellini, the industry is experiencing a structural shift after decades of almost uninterrupted growth: economic volatility, geopolitical tensions and shifting consumer behavior are creating a context where uncertainty has become a constant feature. In such an environment, companies must learn to operate with greater agility, making decisions more quickly and often with less available data.

The discussion also highlighted how the motivations behind consumption are evolving. While luxury purchases were traditionally linked to social status and visible signals of belonging, today they increasingly reflect personal identity and individual values. Consumers approach brands not only as symbols of prestige, but as expressions of culture, aesthetics and personal meaning. This shift is contributing to a growing polarization within the market: brands positioned at the very top of the luxury pyramid are likely to remain resilient, while those occupying the middle segment face increasing pressure. As a result, strategic clarity about brand positioning and long-term identity becomes more important than ever.

Yet clarity of direction alone is not enough. Throughout the conversation, Bellini returned to what he sees as the central issue for luxury brands today: turning strategy into consistent execution across every dimension of the business. “Strategy in luxury is not rocket science. The real challenge is the execution of the strategy,” he stated. In a sector where short-term opportunities can easily promise rapid growth, maintaining discipline becomes essential: decisions that may seem attractive in the moment, such as expanding distribution too quickly or lowering price points, ultimately weaken brand equity and dilute the perception of exclusivity that luxury brands rely on.

The session concluded with a provocation directed at the students themselves. Looking back at his own experience, Bellini recalled how one of the most important questions at the beginning of a professional journey is often also the simplest: which path to take. In an industry that remains highly specialized, where careers often develop within distinct areas, choices made early on can shape an entire trajectory. As he reminded the audience, the real difference over time often lies not only in expertise but in genuine passion for one’s work: “There is something very different between meeting an expert and meeting an expert who is passionate about what they do,” he affirmed. For those entering the sector today, Bellini concluded, luxury remains a fascinating industry to work in, provided one stays true to what genuinely motivates them: “Finding the right alignment between who you are and what you choose to do is what ultimately allows talent to develop.”

Riccardo Bellini’s participation in the Leadership Series at SDA Bocconi reflects the broader way in which EMiLUX engages with the luxury sector. Through collaborations with leading houses – including Cartier, the program’s longstanding main partner – the Master connects students directly with the perspectives and decisions shaping the sector today, turning encounters like this into moments where industry leadership and executive education meaningfully intersect.

SDA Bocconi School of Management