Breaking news: Valentino is calling it quits

Following his blowout 3-day fashion fiesta in Rome earlier this summer, WWD is reporting today that Valentino and his longtime business partner, Giancarlo Giammetti, will both step down from their positions at Valentino after this season. Finally, the fashion industry's rampant speculation about Valentino's future role in the post-Permira world will come to an end. But, this will only make more room for the other question on everyone's lips: Who will replace Mr. Valentino?

Zac Posen and the designers behind Proenza Schouler (which was recently injected with $3.7m of funding from Valentino Fashion Group) are amongst the names being tossed around. Over at Fashion Inc the money is on Proenza Schouler. Others are saying that Alessandra Fachinetti, the former womenswear designer at Gucci, is at the front of the pack.