Designers Versace, Tom Ford, Alessandro Michele -- the creative director of Valentino -- Balenciaga's Pier Paolo Piccioli, Anna Fendi and Brunello Cucinelli were also among the guests, as was fashion editor Anna Wintour.
Led by Valentino's partner Giancarlo Giammetti, most of the mourners -- who also included many of Valentino's employees -- wore black.
But several wore a red hat, scarf or shawl, recalling the designer's signature colour.
Valentino died on Monday at his home in Rome, and his coffin was put on public display at his foundation in the city centre on Wednesday and Thursday.
"We'll never find the class that Valentino had again," said one member of the public who came to pay his respects, Francesco Sangiovanni, 81.
"He conquered the world with his refinement... and he enhanced Italy, because he brought Italy to the world. The greatest people wore Valentino," he told AFP.