Pier Paolo Piccioli and Maria Grazia Chiuri have been as successful co-designers as they could be. At Valentino, the duo is creating one of the most desired lines of the moment with a strong cast of followers, from Hollywood starlets to members of the Euro jet set. For Red Valentino—"their baby," as their PR director points out—they also have big plans. By the end of 2012, they hope to begin opening stores in Asia.

In Piccioli's words, the diffusion collection is a romantic idea of a young girl thinking about fashion: mixing something new with something vintage with something couture. The result is full of charm: tulle ruffled cocktail dresses that look as sweet as they sound, fitted pants with cashmere capes for day, and for evening, a very on-trend brocade jacket. With a simple and feminine color palette—blacks, off-whites, and shades of blush—it has the potential to be as popular as its big-sister collection. And with so many items to pick from, we'd love to see a store in the U.S. soon.