"Valentino's style is a classic, in the purest sense of the word, and has made women beautiful for generations. Whoever will be his heir will have the responsibility to continue this great tradition when expressing their own individuality," Armani added.

Valentino struck out on his own in 1962 after having cut his teeth at Jean Dessès and Guy Laroche in Paris.

Dubbed by WWD "The Chic," the couturier dressed some of the most stylish women in the world, from Jackie Onassis to Audrey Hepburn to Elizabeth Taylor to Babe Paley.

"My thanks go to the thousands of people in fashion, who have followed me in these years and to all of those who have supported my work and to my collaborators that have helped turn my career into a success," Valentino's statement concluded.