THIS EGYPTIAN EX-MINISTER

This Egyptian ex-minister lost his fortune and reputation overnight in 2011. He then bought Valentino, grew its revenue by four times, and sold 30% for $2B. Rachid Mohamed Rachid started his career in consumer goods by bottling Coca-Cola in Egypt in the 1980s. He built a joint venture with Unilever and became president in 2004. He became Egypt's Trade Minister and pushed reforms that tripled exports and brought in foreign investment. But in 2011, the Egyptian Revolution forced Rachid to leave the country. His assets were frozen due to false accusations, and he lost the wealth he had spent decades building. He had to start his life over in a new country at 56. He decided to venture into luxury fashion, an industry he knew nothing about. He teamed up with Qatar's Royal Family to launch a fund that invested in luxury brands. In 2012, they bought Valentino for over $850 million. He faced the challenge of transforming a heritage brand while learning a new industry. In his first meeting, an executive boasted about cashmere shoelaces, and Rachid naively asked if they made feet warmer. That moment taught him luxury is driven by emotion, not function. Rachid overcame these challenges by applying his engineering mindset to luxury. He overhauled management, refocused on younger consumers, and modernized Valentino's classics like studs and camouflage. In 2023, Kering Group paid almost $2B for 30% of the company. By 2024, Valentino's revenue had quadrupled to over $1.5 billion. Today, Business of Fashion lists him among the 500 most influential people in global fashion.