Last week, there were a number of reports indicating that Valentino C.E.O. Jacopo Venturini had exited the business—so many, in fact, that the company, which is owned by Mayhoola, had to issue a statement revealing that the sixtysomething executive, who was recruited from Gucci in 2020, was actually on sick leave. Venturini’s health has been a subject of speculation for months, even dating back to the early days of Alessandro Michele’s arrival at the Roman brand in early 2024. And, in many ways, this terribly unfortunate turn has highlighted the larger and complex questions surrounding both the brand and its current ownership structure.