Anyone looking for proof that it's a new day at Valentino need only have tuned into the Golden Globes, where Chloë Sevigny nabbed an award in a gown by the label's new designers, Maria Grazia Chiuri and Pier Paolo Piccioli. It wasn't so outré that Mr. Valentino would have disapproved, but it was definitely more avant than anything the label's founder was doing before he retired. That's a good way to describe the duo's pre-fall collection. The lace, the exquisite beadwork, and the ruffles and frills the house is known for are still there, but they're executed in a more modern (read: shorter) way. Now in their fifth season with the house (counting couture), Chiuri and Piccioli did red for the first time. But we're not talking your typical Valentino red chiffon. Instead, they showed a patent trench, leather motorcycle pants worn with a fox chubby in the same hue, and a party dress of red paillettes sewn onto nude tulle. Piccioli called it a "dangerous red." It's risks like those that should pay off with the young crowd they're wooing.