This just in: Valentino is expected to confirm his resignation from the brand he founded in 1960. The news is not that shocking considering there was much speculation of his exit since Permira bought the Valentino Fashion Group, which owns Hugo Boss, M Missoni as well as a 45 percent stake in Proenza Schouler.

Alessandra Facchinetti, the former head of women's wear at Gucci, has been appointed creative director of Valentino's women's collections by Valentino Fashion Group. She will be responsible for the brand's couture and ready-to-wear collections, along with RED and Roma, secondary lines.

But Valentino isn't leaving without a finale: the designer will present one more ready-to-wear show as well as one more Haute Couture season.

This is a sad day for fashion but we wish Valentino all the luck in his future endeavors!

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