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Barclays projects industry sales to rise around 5% this year, down from nearly 9% last year as younger consumers rein in purchases amid rising costs.
Known for dramatic, haute couture designs that are popular with the red carpet set, including singer Zendaya, Piccioli started working at Valentino in 1999 and took on the role of sole creative director in 2016.
“His contribution over the past 25 years will leave an indelible mark,” Valentino’s chairman Rachid Mohamed Rachid said.
Piccioli said in the same statement: “I’ve been in this company for 25 years, and for 25 years I’ve existed and I’ve lived with the people who have woven the weaves of this beautiful story that is mine and ours.”
French luxury group Kering bought a 30% stake in Valentino last year from Qatari investment fund Mayhoola with an option to buy the rest in five years.
Kering’s star label Gucci is undergoing a design overhaul, under the creative direction of Sabato de Sarno – who previously worked alongside Piccioli, and was recruited last year to replace Alessandro Michele – while its smaller label Alexander McQueen late last year replaced long-time creative director Sarah Burton with Sean McGirr.
Another high profile designer, Dries Van Noten, announced earlier this week plans to retire from his label, which belongs to Spanish group Puig.
LVMH-owned Givenchy, meanwhile, has yet to replace Matthew M. Williams, who exited at the start of the year.