Italian designer Valentino, 75, announced his retirement on Tuesday, saying it was time to bid "farewell" to the world of fashion.
"It's the perfect moment to say farewell to the fashion world," he said in a statement.
The designer who famously once announed that "red is the only colour after black and white".
Permira bought the Valentino Goup which owns Hugo Boss, M Missoni and Marlboro Classics as well as a 45 per cent stake in Proenza Schouler, earlier this year that Valentino and his business partner Giancarlo Giammetti would step down but they have repeatedly denied any plans to do so. Now the race is on for who will replace him.