Milan is buzzing with high fashion drama! From potential sales to designer departures and even tax investigations, the city is a hotbed of business news alongside the latest runway trends.
Versace on the Block?
Rumors are swirling around Versace, with whispers suggesting the iconic brand might be up for sale. Prada, Versace's long-time rival, is reportedly considering acquiring the company. This news raises questions about the future of Donatella Versace, who has been the creative force since her brother Gianni's tragic death in 1997.
Donatella's recent show, featuring references to Gianni's last collection, has only fueled speculation about her possible departure. "Everyone should have a little Versace attitude," she declared before the show, held in a historic tram depot. But will that attitude continue to define the brand under new ownership?
"It is not just the dresses on the Versace catwalk that are for sale this Milan fashion week, but Versace itself."
Gucci's Identity Crisis
Meanwhile, Gucci is facing its own challenges. Following the exit of designer Sabato de Sarno, the house presented a "greatest hits" collection at Milan Fashion Week. However, the brand is struggling to connect with contemporary shoppers, as evidenced by a 24% sales drop in the last quarter of 2024.
The absence of a clear creative direction leaves Gucci in a precarious position. Can the brand rediscover its mojo and regain its status as a fashion powerhouse?
Tax Troubles for Musk
Away from the runway, Elon Musk is facing scrutiny from Italian tax authorities. The Milan prosecutor's office and the Guardia di Finanza are investigating allegations of a "dishonest declaration" related to a Twitter audit. The tax office is reportedly seeking 12.5 million euros from the former executives of the social network, now known as 'X'. This adds another layer of complexity to Milan's already eventful business landscape.
Whether it's high fashion or high finance, Milan continues to be a center of attention on the global stage.