Paris Mourns Valentino, the Last Titan of Couture’s Golden Age

An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
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Paris Mourns Valentino, the Last Titan of Couture’s Golden Age

An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)
An Italian flag hangs at half-mast outside the Valentino Creative Headquarters, following the death of the fashion designer Valentino Garavani at the age of 93 on Monday, in Rome, Italy, January 20, 2026. (Reuters)

Valentino Garavani’s death cast a long shadow over the opening day of Paris Fashion Week menswear Tuesday, with front-row guests and industry figures mourning the passing of one of the last towering names of 20th-century couture — an Italian designer whose working life was closely entwined with the Paris runways.

Valentino, 93, died at his Rome residence, the Valentino Garavani and Giancarlo Giammetti Foundation said in a statement announcing his death. While he built his house in Rome, he spent decades presenting collections in France.

He “was one of the last big couturiers who really embodied what was fashion in the 20th century,” said Pierre Groppo, fashion editor-in-chief at Vanity Fair France.

On a day meant to sell the future, many guests said they were thinking about what fashion has lost: the couturier as a living institution.

Groppo pointed to the codes that made Valentino instantly legible — “the dots, the ruffles, the knots” — and to a generation of designers who, he said, “in a way, invented what is celebrity culture.”

Valentino’s vision was built on a simple idea: make women look luminous, then make the moment unforgettable.

He dressed Jacqueline Kennedy Onassis and Elizabeth Taylor, among others, fixed his signature “Valentino red” in the public imagination, and — through his decades-long partnership with Giancarlo Giammetti — helped turn the designer himself into part of the spectacle, as recognizable as the clients in his front row.

The end of a fashion era

Prominent fashion writer Luke Leitch framed the loss in similarly outsized terms, calling Valentino “the last of the fashion ‘leviathans of that generation’,” and saying it was “absolutely” the end of a certain class of designer: figures whose names could carry a global house, and whose authority came not from viral speed but from permanence.

Trained in Paris before founding his maison in Rome, Valentino became a rare bridge figure: Italian by origin, but fluent in the rituals that made Paris couture an institution. His career moved between those two capitals of elegance, bringing Roman grandeur into a system that still treats fashion not only as commerce, but as ceremony.

Even as he aged, the house’s founder kept turning up at its couture and ready-to-wear shows, as observed by one Associated Press journalist — until he eventually retreated from public life, all the while radiating quiet grandeur from his front-row seat.

For some in Paris on Tuesday, the loss felt personal precisely because Valentino’s world was never only Italian.

Groppo recalled the designer as “very much more than a fashion brand,” adding: “It was a lifestyle.”

That lifestyle — couture polish, social glamour, and the conviction that elegance could be a form of power — remains a reference point even as fashion accelerates toward louder branding and faster cycles.

“It’s quite sad as he’s so important to the fashion industry, and he contributed a lot and I cannot forget the stunning red he created,” said Lolo Zhang, a Chinese fashion influencer attending Louis Vuitton ’s show in Paris.

“He always celebrated pure beauty, and architecture for the silhouette, and how he used color. The old era just passed by.”

Other guests described a delayed realization — the kind that arrives only when a figure who seemed permanent is suddenly gone.

YSL, Chanel and Valentino

“There are some people who want to be Yves Saint Laurent, Chanel. ... There are also people who are spontaneously Valentino,” said Guy-Claude Agboton, deputy editor of Ideat magazine. “It’s a question of identity.”

For Paris fashion observer Benedict Epinay, the grief was bound up with memory. And with the emotional charge of Valentino’s final bow.

“It was such a great moment. I was lucky enough to attend the last show he gave,” Epinay said. “It was so moving because we knew at that time it was the last show.”

Fashion observer Arfan Ghani pointed to what Valentino represented to younger designers: a “classy” standard of restraint in an era that often rewards noise.

“Because it was very classical materials," Ghani said. "It wasn’t as loud as a lot of other of these brands are with branding.”

Paris-based sculptor Ranti Bam described Valentino in the language of form: less trend than structure, less look than line.

“As a sculptor I saw Valentino as an artist,” Bam said. “He transcended fashion into sculpture.”

“He didn’t follow trends, he pursued form,” she added. “That’s why his work doesn’t date, it endures.”

The fashion house Valentino has for years continued under a new generation of leadership and design — still showcased in Paris.



Kering’s Fourth-Quarter Sales Fall Less Than Expected as Gucci Slide Continues

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
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Kering’s Fourth-Quarter Sales Fall Less Than Expected as Gucci Slide Continues

The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)
The logo of French luxury group Kering is seen at Kering headquarters in Paris, France, February 13, 2023. (Reuters)

Kering reported on Tuesday a slightly smaller-than-expected drop in fourth-quarter sales, as investors await details of CEO Luca de Meo's plans ​to revive the Gucci owner's flagging fortunes.

Sales reached 3.9 billion euros ($4.64 billion), down 3% from the previous year when adjusted for currency swings. That beat analysts' consensus forecast for a 5% drop, according to Visible Alpha.

The revenue drop was 10% at Italian flagship label Gucci, which accounts for most of Kering's profits, versus analyst expectations of a 12% decline.

It ‌was the brand's ‌10th straight quarter of revenue ‌decline.

Finance ⁠Chief ​Armelle ‌Poulou told journalists Gucci saw some improvement at the end of last year in "almost all regions", helped by newly introduced products and handbag sales.

Grappling with weak sales since the maximalist styles of Gucci's former star designer Alessandro Michele fell out of fashion in 2022, Kering has faced heightened investor scrutiny over its high ⁠debt and declining profitability.

Free cash from operations fell by 35% last year ‌when excluding one-off payments from real estate ‍sales, reaching 2.3 billion euros, Kering ‍said.

"For Kering, it's really about (restoring) the broad desirability globally," said ‍JPMorgan analyst Chiara Battistini.

Facing an uncertain business outlook, the group, which also owns Gucci Balenciaga, Bottega Veneta and Yves Saint Laurent, further reduced its store network by 75 boutiques with further closures planned, Poulou said.

The ​earnings underscored the steep challenges Kering faces to catch up with peers even though its shares have ⁠risen around 50% since de Meo's appointment was announced last June.

"2025 did not reflect Kering's true potential or the strength of our brands, but it enabled us to lay the foundations for our future recovery," said Poulou.

Kering's annual operating income reached 1.63 billion euros, less than a third of its 2022 level. Kering's operating profit margin fell to 11% group-wide and 16% at Gucci, down from 28% and 36% three years earlier.

By contrast, LVMH delivered a 22% margin last year amid ‌a broader luxury slowdown, with its leather and fashion division - home to Louis Vuitton and Dior - hitting 35%.


Pieter Mulier Named Creative Director of Versace

(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
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Pieter Mulier Named Creative Director of Versace

(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)

Belgian fashion designer Pieter Mulier has been named the new creative director of the Milan fashion house Versace starting July 1, according to an announcement on Thursday from the Prada Group, which owns Versace.

Mulier is currently creative director of the French fashion house Alaïa, and was previously the right-hand man of fellow Belgian designer and Prada co-creative director Raf Simons at Calvin Klein, Jil Sander and Dior.

In his new role, Mulier will report to Versace executive chairman Lorenzo Bertelli, the designated successor to manage the family-run Prada Group. Bertelli is the son of Miuccia Prada and Prada Group chairman Patrizio Bertelli.

“We believe that he can truly unlock Versace’s full potential and that he will be able to engage in a fruitful dialogue,’’ The Associated Press quoted Lorenzo Bertelli as saying of Mulier in a statement.

Mulier takes over from Dario Vitale, who departed in December after previewing just one collection during his short-lived Versace stint.

Mulier was honored last fall by supermodel and longtime Alaïa muse Naomi Campbell at the Council of Fashion Designers of America for his work paying tribute to brand founder Azzedine Alaïa. Mulier took the creative helm in 2021, after Alaïa’s death.


Ralph Lauren’s Margin Caution Eclipses Stronger‑than‑expected Quarterly Results

Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
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Ralph Lauren’s Margin Caution Eclipses Stronger‑than‑expected Quarterly Results

Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo

Ralph Lauren posted third-quarter results above Wall Street estimates on Thursday, but the luxury retailer's warning of margin pressure tied to US tariffs sent its shares down nearly 6.4% in premarket trading.

The company expects fourth-quarter margins, its smallest revenue period, to shrink about 80 to 120 basis points due to higher tariff pressure and marketing spend.

Ralph Lauren, which sources its products from regions such as China, India and Vietnam, has relied on raising prices and reallocating production to regions with lower duty exposure to offset US tariff pressures, Reuters reported.

"Ralph Lauren has been able to raise prices for some time now. There is some limit on how long it can continue to do this. I think (the company's) gross margins are near peak levels," Morningstar analyst David Swartz said.

The company, which sells $148 striped linen shirts and $498 leather handbags, has tightened inventory, lifted full-price sales and refreshed core styles, boosting its appeal among wealthier and younger customers, including Gen Z.

Higher-income households are still splurging on luxury items, travel and restaurant meals, while lower- and middle-income consumers are strained by higher costs for rents and food as well as a softer job market.

The New York City-based company saw quarterly operating costs jump 12% year-on-year as it ramped up brand building efforts through sports-focused brand campaigns such as Wimbledon and the US Open tennis championship.

The luxury retailer said revenue in the quarter ended December 27 rose 12% to $2.41 billion, above analysts' estimates of a 7.9% rise to $2.31 billion, according to data compiled by LSEG.

It earned $6.22 per share, excluding items, compared to expectations of $5.81, aided by a 220 basis points increase in margins and an 18% rise in average unit retail across its direct-to-consumer channel.

Ralph Lauren now expects fiscal 2026 revenue to rise in the high single to low double digits on a constant currency basis, up from its prior forecast of a 5% to 7% growth.