According to his foundation, Italian design icon Valentino Garavani, known for his classic evening gowns worn by some of the most fashionable women in the world, passed away at the age of 93.

"He died peacefully today at his home in Rome, surrounded by the love of his family," an Instagram statement read.

Valentino, best known by his first name, was born in the northern Italian town of Voghera in 1932. He developed his talents in Parisian haute couture ateliers before starting his own fashion house in Rome in 1959.

He soon became well-known for his red dresses, a striking shade of crimson that became his signature and was dubbed "Valentino red" in the fashion industry.

Giancarlo Giammetti, a young architecture student he met in 1960, would go on to become both his long-term business partner and his romantic partner for 12 years.

Together, they made Valentino SpA a renowned luxury brand throughout the world.

Actress Elizabeth Taylor, whom Valentino met in Rome while filming Cleopatra in the early 1960s, was one of his first well-known clientele.

Other glamorous patrons in the early years of his career included Begum Aga Khan, Queen Paola of Belgium, actresses Audrey Hepburn and Joan Collins, and Jacqueline Kennedy, who famously wore a Valentino gown for her 1968 wedding to Greek shipping magnate Aristotle Onassis.

Although he continued to be actively involved in the business, Valentino sold his fashion house to the Italian giant HdP in 1998 for almost $300 million.

He ended one of the longest and most illustrious careers in fashion in 2008, having worked in the field for more than 45 years.

A star-studded presentation at Paris's Musée Rodin marked his farewell, with models wearing matching "Valentino red" gowns to finish the runway.