After a wildly successful 17 years at the house - including eight at the helm as co-creative director with Pierpaolo Piccioli - Maria Grazia Chiuri has resigned. It's a move that's giving serious weight to industry rumours that she has been chosen to replace Raf Simons at Dior, which is expected to release a statement any minute now.

As for the future of Valentino, Pierpaolo Piccioli will continue on as the brand's sole creative director. The pair are widely credited with revitalising the luxury fashion house, making it increasingly relevant in the contemporary fashion sphere and sending sales skyrocketing. "After 25 years of creative partnership and of professional satisfaction we gave ourselves the opportunity of continuing our artistic paths in an individual way with the reciprocal desire of further great achievements," Chiuri and Piccioli said in a joint statement.

"I am ready to embark on a new professional challenge," Chiuri adds. No prize for guessing what that might be...

Valentino's creative director Maria Grazia Chiuri has resigned

Valentino's creative director Maria Grazia Chiuri has resigned