Fashion designer Valentino Garavani announced Tuesday that he will retire in January from the company he started 45 years ago. The news came as a shock to the fashion mavens in Rome. Some have speculated that his decision to leave could have been motivated by the tumultuous takeover of Valentino Fashion Group by the private equity firm Permira. Rumor has it that Permira was not thrilled with the idea of funding Valentino's luxurious lifestyle.

Valentino will still present his two remaining collections, the first in October at the Ready-to-Wear shows and the second at the January 2008 Haute Couture shows in Paris. Garavani will be replaced by Alessandra Facchinetti, a former ready-to-wear designer for Gucci.

When asked about his departure, Valentino remarked, "I would like to leave the party when it is still full." And full it is.