Maria Grazia Chiuri and Pierpaolo Piccioli have resuscitated the Valentino label by applying, as they say, "the culture of couture to all categories"—even T-shirts. That kind of juxtaposition is integral to the current incarnation of the brand s DNA. Riffing on the idea of opposites for pre-fall, they were thinking along both regal and subversive lines. Regal, as in all manner of capes—from a quilted puffer version with a fur collar (part of a new Sub-Zero Couture capsule) to slimmer styles in elaborate macramé. Subversion entered the picture via glossy patent leather in white, black, and red. Red was Mr. Valentino s color, of course, but here it shed most of its romantic associations. They name-checked Guy Bourdin and Helmut Newton circa the seventies. This was a racy red, and there will be no missing the woman who wears their fire-engine trench. In the end, though, that kind of flash was only a fraction of the story. Part of the appeal of couture-quality clothes are the hidden luxuries, and it doesn t get more subtly sensational than a crocodile coat bonded to cashmere, or a fur camouflaged with pelts sheared to different lengths. "We don t want to do generic pieces," Piccioli said. No chance of that. For their evening dresses, they focused mostly on softer colors like grayed-out florals and barely discernible pastels, along with a few reds. There were several lovely gowns, especially the hand-beaded red ones, but they seemed to be saving the wow factor for their real couture show in Paris next week.