WWD is reporting that Valentino is set to resign later today. The designer is supposed toannounce he will do one more ready to wear show and one more couture season,
then step down. Valentino’s decision follows his three-day 45th anniversary
celebrations in Rome in July.
Valentino Fashion Group was aquirered by
Permira this past spring. The designer’s future at the company had
been the subject of much speculation ever since. However, Valentino and
his business partner, Giancarlo Giammetti, contended over the
last year that they would step down when they were ready. It still comes as a surprise considering as recently
as July the designer was insisting he had no firm plans to step down.