Valentino Extravaganza: The Aftermath Awaits

There aren't many parties I mind missing these days, but Valentino's 40th anniversary was definitely one of them. It wasn't just that he packed Rome with a host of bold faced names from fashion, film and high society. It is that Valentino's parties are actually fun. He and his close cohorts, business partner Giancarlo Giammetti and PR Carlos Souza know how to entertain. Other fashion parties can reek of the corporate. But with Val's never. Not even a whiff. Though this one seem to have redefined 'lavish.' It is said $10 million was spent on the parties that took place all weekend.

Valentino Garavani, Giancarlo Giammetti, Uma Thurman (photo by Patrick McMullan)

Of course, the really big news is that he didn't announce his retirement. I would like to think that this is because he has been asked to stay and oversee a transition with the new owner. Although it has been said that Valentino and Giammetti were not involved in the talks about the sale of Valentino to the private equity house Permira, WWD reports that Val is in the final stages of negotiating a new 3-year contract. A very large part of Valentino's success to date has been his relationships with the ladies who love him. If the folks at Permira don't get that, and don't hire someone who gets that, there is trouble ahead. (I've heard that Val himself would like Zac Posen to take the job. And Zac can certainly charm the best of them. He was front and center at the festivities -- another good sign.)

Of course on the plus side, it means another party -- a retirement party -- is yet to come.