May i suggest using html formatting
for this? Please take a look in the Demos application under, DropDown & List => Item Formatting.
You can either use the link from the online docs system or the demos app to achieve the desired functionality.
And for the future if you may require some other kind of formatting you could subscribe to the VisualListItemFormatting event and handle that based on your needs, as described here
If you have any more questions please just let me know, and if the question has been solved, please mark the all of the helpfull posts as answers, so that others can find the answers to their questions faster.
Telerik WinForms MVP