valentino_exhibitnyfashionweek.jpgA spokesperson for Valentino has confirmed that neither the designer nor his longtime business partner Giancarlo Giammetti have links to Bernie Madoff.

Earlier this week the Evening Standard reported that Valentino had been defrauded of a "significant amount of cash" by the disgraced businessman. The article quoted anonymous sources who claimed that the Italian designer may have become another one of Madoff's victims.

Those claims have now been refuted by the fashion house, which I am sure comes as a huge relief to all. Meanwhile, I wonder what Madoff is going to do without his 'spensive Kilgour-tailored suits in the big house.