Valentino Dismisses Top Designer

PARIS -- Italian fashion house Valentino said Saturday it had named its in-house accessories designers as joint creative directors of the brand. Departing designer Alessandra Facchinetti said she learned about her dismissal from news reports.

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Alessandra Facchinetti, who was tapped last year to succeed Valentino's celebrated founder, said she learned of her dismissal from news reports.
"Valentino SpA is ending its collaboration with Alessandra Facchinetti due to differences," the fashion house said without elaborating. "Her creative contribution and her artistic refinement have been greatly appreciated."

Ms. Facchinetti, 36 years old, who was tapped last year to succeed the label's celebrated founder, has been negotiating terms of her departure for the past month, a person familiar with the matter said. This person said Ms. Facchinetti had come under pressure to step down as the brand has faced flagging sales.

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In a statement, Ms. Facchinetti said she was bitterly disappointed with the company's handling of the dismissal.

"It was with deep regret that I learnt from the press that I would no longer be working with Valentino. This news came as a great surprise, since the company's top management has not yet seen fit to inform me of the above," she said. "Despite everything that has happened, I sincerely feel that this experience has empowered me because I know that my work has been deeply appreciated throughout the world."

Her successors, Maria Grazia Chiuri and Pier Paolo Piccioli, have been creating the accessories for Valentino for more than 10 years.

The shake-up underscores the difficulty fashion brands face in passing the torch to new creative talent. The pressure to find a hit designer has intensified as the financial crisis saps consumer spending and squeezes the finances of debt-laden fashion companies. Valentino Fashion Group is owned by private-equity firm Permira.