Valentino What Really Went Down

OK, yes, I saw some fashion shows today. I thought some were great -- Missoni! And some not so great -- Prada! (And more on them next.) But more importantly for Fashion-Inc. I had a fantastic conversation with someone who was on the inside of the Valentino deal. As you might recall I was very, very suspicious when Proenza Schouler decided to sell 45 percent of their company for $3.7 million. And guess what? I was right. There was an agreement in place that they would take over the design reigns at Valentino. But this was all before the sale to Permina Holdings. After the sale, Val himself balked at the idea that the duo would step in (too young, apparently -- though he wasn't that keen on Zac Posen either) and the Alessandra Facchinetti compromise was struck in the interests of keeping Val happy. But Val and his partner Giancarlo Giammetti were still expensive, so they went anyway. As for Proenza Schouler? Well, they needed operational help so the deal isn't all bad -- the executives at Valentino Fashion Group certainly have that in spades. But will they have the time or the inclination to to look after such a tiny asset while trying to please their new bosses? I'm not so sure.

But apparently the bad deal (I mean why sell if the Valentino gig wasn't secure? Because your advisors -- in this case your C.E.O. -- is inexperienced. She's not yet 30 and a college friend of the boys and, while I'm told she has a big brain, she also has little in the way of real world experience) may not have been the fault of their P.R. Pierre Roget. If so, sorry Pierre! And Shirley, call me -- I know some great lawyers. Now, Pierre, how about that Balenciaga ticket?