MILAN (Reuters) -Italian fashion house Valentino said on Monday that it would not present its Men's and Haute Couture fashion shows in June, following the departure of its creative director Pierpaolo Piccioli.
The group said on Friday it had agreed with Piccioli to end their collaboration, adding that a new "creative organization" would be announced soon.
"Following the latest organizational announcement regarding the Maison's Creative Direction, Valentino confirms that it will not present its upcoming Men’s and Haute Couture fashion shows in June 2024," the group said in a statement on Monday.
"Creativity will continue to lead the company as a key pillar, shaping new future collections ...", it added
Earlier on Monday fashion trade publication WWD reported that Gucci's creative director Alessandro Michele was negotiating with Valentino to take the role left by Piccioli, citing market sources.
Italian newspaper La Repubblica said on Monday that the contract with Michele had already been signed during the weekend, cited sources close to him.
Valentino declined to comment, while Michele could not immediately be reached for comment.
French luxury group Kering (LON:0IIH), which owns Gucci, bought a 30% stake in Valentino last year from Qatari investment fund Mayhoola with an option to buy the rest in five years.