Famous designer Valentino announced his retirement yesterday.
He said in a statement released to PEOPLE: "At this time, I have decided that is the perfect moment to say adieu to the world of fashion. As the English say, I would like to leave the party when it is still full."
But, it's not over till the fat lady sings ... which sill be in October! Valentino is going to design one last ready-to-wear collection for the Paris fashion week.
Valentino has dressed celebrities & famous people from Sophia Loren to Julia Roberts ... his designs are a 'privilege' top wear, as Uma Thurman says.

At the young age of 17, Valentino moved to Paris from his home-town of Voghera, Lombardy, Italy.
There he studied at the Ecole des Beaux Arts and at the Chambre Syndicale de la Couture Parisienne.
His first Paris choice was Jacques Fath, then Balenciaga. Then he joined Guy Laroche for 2 years.
In 1959 Valentino left Paris and moved back to Italy, where he opened his own fashion house.
In 1965, Valentino became recognized as the top name in Italian Haute Couture!

Check out Valentino's official website.