The legendary Valentino Garavani has passed away at the age of 93, bringing to an end the golden age of Italian fashion. Behind the iconic red color lies a multi-billion dollar business empire facing a historical crossroads.
The story begins in an opera house in Barcelona, Spain, decades ago. Young Valentino Garavani was captivated by an elegant older woman, dressed in a blend of carmine and scarlet shades, accented with vibrant orange.
In 1959, that captivating color first appeared on the runway in a pleated tulle cocktail dress, and from then on, the concept of "Red Valentino" was born, becoming one of the most valuable brand identities in global fashion history.
On January 19th, the "emperor" of Italian fashion passed away at his residence in Rome, at the age of 93. According to Reuters, his death not only closed a glorious chapter of the "La Dolce Vita" era but also marked the complete transition of a heritage brand into the industrialized world of modern finance.
Italian fashion designer Valentino Garavani has passed away at the age of 93 (Photo: WSJ).
From business "perfect match" to global luxury icon
Unlike many contemporary designers who often struggle between creativity and making ends meet, Valentino's success is decisively attributed to his sharp management thinking.
In 1960, a fateful meeting at a Rome café between him and Giancarlo Giammetti created one of the most powerful couples in the fashion world. While Valentino had complete freedom to create exquisite cuts and designs, Giammetti took on the role of "architect" for the business empire.
It was Giammetti who saw the potential of associating the brand with the super-rich and celebrities as a forward-thinking marketing strategy. From Jackie Kennedy and Elizabeth Taylor to later Hollywood stars like Julia Roberts and Anne Hathaway, all became unofficial "brand ambassadors," taking the Valentino name beyond the borders of Italy.
For example, in 1968, when Jackie Kennedy married billionaire Aristotle Onassis, she chose Valentino attire, creating a global sensation and paving the way for the fashion house to become the first Italian brand to open a store in New York two years later.
Valentino understood the psychology of high-end customers very well: "I know what women want: they want to be beautiful." This mindset, combined with shrewd business strategies, transformed his designs into symbols of power and wealth.
According to ABC News, Valentino's dresses are not just clothing; they are a passport to high society, making the wearer look "younger, richer, and more powerful."
The M&A chessboard and the game played by the financial giants.
Despite being the heart and soul of the brand, Valentino and his partners were also very pragmatic about market changes. In 1998, they sold the company to an Italian conglomerate for approximately $300 million – a huge sum at the time – before he officially retired in 2008.
Today, the Valentino brand is no longer the story of a single individual, but a strategic asset on the M&A (mergers and acquisitions) chessboard of the global luxury industry. According to Modaes, the company is now controlled by MFI Luxury, in which the investment fund Mayhoola (Qatar) holds 70% and the French luxury group Kering holds 30%. Kering (owner of Gucci) spent 1.7 billion euros in 2023 to acquire this stake, with an option to buy it back in the future.
However, in 2024, the company's revenue reached only 1.31 billion euros, a decrease of 2%, while EBITDA profit fell sharply by 22% to 246 million euros due to the costs of expanding its direct retail network and declining purchasing power in Asia.
Under that pressure, in November 2025, the two major shareholders, Kering and Mayhoola, had to inject an additional 100 million euros to strengthen the brand's finances. This shows that even a great legacy is not immune to the harsh laws of cash flow and market fluctuations.
Deep red has become an iconic color associated with Valentino (Photo: Getty).
The end of the era of "pure creative power"
Valentino's departure comes just months after the death of another icon, Giorgio Armani (September 2025). Analysts believe this marks the end of a generation of pioneering designers – those whose names truly define brand identity, not boards of directors or marketing apparatuses.
Carol Tan, an expert from RMIT University, commented on ABC: "They represented an era where success came from intuition and personal taste. When they left, the landscape of the fashion industry completely changed."
Now, Valentino's legacy is carried on by Creative Director Alessandro Michele, operating within a global corporate structure with stringent profit and growth targets.
Nevertheless, the spirit of the "emperor" remains. As his close friend Giammetti once said at an exhibition honoring him: "Red is not just a color. It is a symbolic and aesthetic power with extraordinary might."
Valentino left the party while it was still lively, just as he wished, leaving behind a brilliant legacy that the fashion industry will continue to exploit for decades to come.