Core Viewpoint - The article discusses the legacy and impact of Valentino Garavani, a renowned Italian fashion designer, who passed away at the age of 93, highlighting his contributions to the fashion industry and the challenges faced by his brand in recent years [2][4]. Group 1: Valentino's Legacy - Valentino Garavani was a prominent figure in the fashion world, known for his signature "Valentino Red" gowns that became staples on red carpets, particularly favored by Hollywood stars [2][4]. - The brand Valentino was established in 1960, and its first major exposure came when Elizabeth Taylor wore a Valentino gown to the premiere of "Spartacus" [4][6]. - Valentino's designs combined Italian romance with French tailoring, emphasizing handcraft elements, and he viewed haute couture as an art rather than a business [6][7]. Group 2: Brand Evolution and Challenges - The brand faced challenges with the rise of minimalism and the consolidation of fashion groups, leading to a decline in independent brands [7][11]. - Valentino sold his company in 1998 for approximately $300 million but continued to influence creative design until his retirement in 2008 [2][11]. - The brand's financial performance has been declining, with projected revenues of €1.311 billion for 2024, a decrease of 2.74% year-over-year, and a total drop of about €107 million since 2022 [11][14]. Group 3: Future Prospects - In 2024, Alessandro Michele, former creative director of Gucci, will join Valentino, bringing a new aesthetic to the brand [13]. - Valentino's beauty line, launched in collaboration with L'Oréal, has struggled to gain traction in a competitive market, leading to its exit from the South Korean market by the end of 2025 [14].

Core Viewpoint - The passing of Valentino Garavani, the founder of the Valentino brand, marks a significant loss for the fashion industry, following the recent death of another Italian fashion icon, Giorgio Armani [1][3]. Group 1: Valentino's Legacy - Valentino Garavani was a prominent figure in Italian fashion, known for creating iconic pieces for celebrities such as Princess Diana and Audrey Hepburn, and his signature "Valentino Red" became a staple on red carpets [3][4]. - The brand expanded from haute couture to ready-to-wear, accessories, and fragrances, symbolizing Italian craftsmanship and artistry [3][4]. - Valentino's retirement in 2008 followed a successful career spanning over 45 years, during which he emphasized that haute couture is an art rather than a business [6][10]. Group 2: Brand Ownership and Financial Performance - In 2012, Valentino was acquired by Mayhoola, a Qatari investment firm, and in 2023, Kering, the parent company of Gucci, purchased approximately 30% of the brand for about €1.7 billion, with an option to acquire the remaining shares by 2029 [10][12]. - Valentino's revenue for 2024 is projected to be €1.311 billion, reflecting a year-on-year decline of 2.74%, with a total decrease of approximately €107 million since 2022 [10][12]. - The brand's mid-range positioning may make it more sensitive to demand fluctuations, particularly in key markets like China and the U.S., where consumer spending has weakened [10][12]. Group 3: Future Developments - Alessandro Michele, former creative director of Gucci, joined Valentino as the new creative director in April 2024, bringing a fresh perspective to the brand [12]. - Valentino's beauty products, developed in partnership with L'Oréal since 2019, have faced challenges in a competitive market, leading to a planned exit from the South Korean market by the end of 2025 [12].