Yesterday, it was widely reported on the internet that Valentino and business partner Giancarlo Giammetti were victims of the Bernard Madoff scandal.

Apparently though, that's not true.

Vogue UK continues, "following a report in Tuesday's Evening Standard that the designer had invested with the disgraced financier (who is facing jail over the $50 billion fraud), a representative for the label has confirmed to WWD that neither Valentino nor his longtime business partner Giancarlo Giammetti has any links to Madoff whatsoever."

So yes, the now retired designer is still living in the lap of luxury.