MILAN (Reuters) - Valentino Garavani, known for his scarlet gowns for Hollywood stars, said on Tuesday he would quit as a fashion designer.

The designer, who is in his 70s, added in a statement that it was "the perfect moment to say goodbye to the world of fashion."

The designer said he would stay on until January 2008 and was already working on the ready-to-wear collection for Paris in October and the haute couture range for January.

Valentino had three days of parties in Rome in July to celebrate 45 years of the fashion house that bears his name.

He has long been expected to resign with rumors a younger designer, such as former Gucci designer Alessandra Fachinetti, could be poised to take over.
© Copyright 2007 Reuters.

Photo:
Veteran Italian fashion designer Valentino Garavani poses during the opening of his exhibition at the Ara Pacis Museum in Rome July 6, 2007. Garavani, known for his scarlet gowns for Hollywood stars, said on Tuesday he would quit as a fashion designer. REUTERS/Alessandro Bianchi