MILAN — It couldn’t have been otherwise — the set of Valentino Garavani’s wake was as elegant as his style in life.
Surrounded by white roses in a pristine vaulted room under a cascade of white flowers, and in front of a black-and-white photo of the couturier smiling broadly, his casket was placed at the center of a room at PM23, two rows of white chairs on each side.
On Wednesday, the start of a two-day public viewing ahead of his funeral on Friday, allowed the likes of designers Alessandro Michele and Maria Grazia Chiuri, current and previous creative directors of the brand, to pay their respects to Garavani, who is lying in state at PM23. This is the Fondazione Valentino Garavani e Giancarlo Giammetti’s exhibition space inaugurated last year and located in Rome’s Piazza Mignanelli next to the storied headquarters of the Valentino brand. The current exhibit, “Venus —Valentino Garavani Through the Eyes of Joana Vasconcelos,” which debuted Sunday, was suspended out of respect.
Italian media extensively covered Garavani’s life since his death on Jan. 19 aged 93, and photos of his red dresses, and of the designer with his muses and clients, from Jackie Kenndy and Elizabeth Taylor to Anne Hathaway and Gwyneth Paltrow, filled pages and pages of the dailies and magazines, as did images of his social moments with Giammetti, his partner of a lifetime; his homes; his yacht; his beloved pugs, and his close-knit group of friends, from Carlos Souza to Bruce Hoeksema.
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Garavani’s death touched Italians across the board, from heads of state to the proverbial man on the street, all still reeling from the death of Giorgio Armani last September.
Expressing his condolences, Italian President Sergio Mattarella said that “with the passing of Valentino, Italy has lost a successful designer, capable of looking beyond trends and conventions. The fashion world owes him great intuitions and magnificent creations.”
Prime Minister Giorgia Meloni described Garavani the “undisputed master of style and elegance and eternal symbol of Italian high fashion.” Italy, she said “lost a legend, but his legacy will continue to inspire generations. Thank you for everything.”
Garavani’s will has not been published yet, but speculation about the future of his properties, from the 26th-century Château de Wideville, to his works of art and collections — a passion he shared with Giammetti — has started to be woven into media coverage.
However, while the future assets and ownership of the Armani Group continue to be speculated about, that of the Valentino company was decided long ago. Currently controlled by Mayhoola, in September, Kering and the Qatari investment fund Mayhoola jointly revealed that the current ownership structure of the Valentino house will not change before 2028 at the earliest.
This represents an amendment to their shareholders’ agreement, inked at the time of Kering’s acquisition of a stake in Valentino in 2023. Two years ago, Kering bought a 30 percent stake in Valentino for 1.7 billion euros in cash as part of a broader strategic partnership with Mayhoola.
As per that original deal, the French group had an option to buy 100 percent of Valentino’s capital by 2028, while Mayhoola could become a shareholder in Kering, with the final purchase price linked to the Italian fashion brand’s performance.
Following the new agreement, Mayhoola’s put options on Kering exercisable in 2026 and 2027 for its remaining 70 percent stake in Valentino are now postponed to 2028 and 2029, respectively. Kering’s call option to acquire Mayhoola’s stake in 2028 is also deferred to 2029.
