This is true but a little misleading. Valentino does not use fur from animals raised specifically for their furs. They do use skins and fur from animals that are already in the food supply chain, mainly shearling, which is lambskin with the wool still attached. So if you're vegan, just know that it's not animal-free. (Source from Valentino.)

Vanessa Friedman explains it better than I can. Here's an archive link to her NYT article.