WWD EXCLUSIVE: Valentino To Step Down

Valentino is set to resign later today, WWD has learned. The designer will announce 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. The designer's future at the company has been the subject of much speculation over the last year, especially following Permira's acquisition of Valentino Fashion Group this past spring. Valentino and his business partner, Giancarlo Giammetti, have consistently stated over the last year that they would step down when they were ready, although as recently as July the designer was insisting he had no firm plans to do so.
Source: WWD