WRAPPED IN RED: Valentino USA will forgo its annual holiday celebration this year, instead donating the party funds — and some employee elbow grease — to New Yorkers for Children’s annual Wrap to Rap event. The company will serve as a presenting sponsor of the charity’s annual social gift-wrapping spree, which is set for Wednesday at The Ainsworth in Chelsea. Employees of the fashion house will also be among the volunteers packaging up more than 1,000 holiday gifts for children in foster care at the event.