I skated through the Milan men’s shows, which began Friday in earnest with Ralph Lauren and ended this evening with Giorgio Armani. This is the second season in a row that Ralph has shown here; Zegna-owned Thom Browne was a new edition. Generally, though, like every fashion week other than Paris, the calendar is shockingly sparse. There were only a couple shows a day, and really only one or two must-see shows. And yet Milan often tells the story of what’s happening in the fashion industry better than any other city, probably because it’s where so much business gets done. The takeaways? Wholesale is over, really, and it’s going to really hurt a lot of the Italian companies that are so reliant on it. For those that survive, quality matters. And so do great brands.

Photo: Courtesy of Ralph Lauren

Ralph Lauren, of course, is on a roll these days, thanks to its namesake founder, in partnership with C.E.O. Patrice Louvet, who together put the brand above everything else. No other name in the world can sell so convincingly across price points—a fact illustrated by the decision to mix Ralph Lauren Purple Label and Polo in the show. My main observation had less to do with the madras ballet flats or jaunty scarf placement, and more that we are entering a world where black and white now wins over navy, the dominant color in men’s dressing for the past several years, if not decades. It feels that Ralph Lauren is on the precipice of something more directional runway-wise, but it’s baby steps for now. It was nice that the company chose to give longtime men’s designer John Wrazej more of a microphone.

Photo: Marco Pionato/Dolce & Gabbana

At Paul Smith, I liked the Latter-day Saints–style suiting; he showed that grey doesn’t have to feel cold. Meanwhile, Satoshi Kuwata’s Setchu is the young brand everyone continues watching. His tailoring is impeccable, his presentation—high-heeled Japanese wooden geta, nets draped over jackets—was affecting. “I feel like we just really went through something together,” my seatmate noted on the way out. I also had a good time at Dolce & Gabbana, which is in the middle of its own transformation via new co-C.E.O. Stefano Cantino, who used to run Gucci. Whether or not you liked the beefcake models draped in broderie anglaise, the clothes were incredibly high quality and downright pretty. There are so many amazing, independent Italian brands struggling because of complex, complicated business situations. Dolce is probably the one with the most potential.

The revelation of the weekend was, unsurprisingly, Prada, where the runway is still about ideas. Over the past couple of seasons, Miuccia Prada and Raf Simons have talked about reduction and essentialism, and the title of this show was “Clarity.” The invitation was a glow stick, so it was no surprise that we were confronted with feelings of youth. And yes, the vision was very clear: a narrow silhouette, as thin as a syringe of tirzepatide, conjuring the fantasy of another shot at youth—albeit with more money, Prada’s white jeans, cotton sweaters, and triple-Velcro-strap shoes. This show left me energized.

Photo: Courtesy of Prada

And yet I immediately heard some negative feedback from three male customers—the kind who spend close to six figures per year. They weren’t into the skinny look. But they may feel differently in the store, where the executives know how to merchandise for varied desires (and body types). After all, you have to believe that the collection’s integrity will inevitably attract people. Prada remains the one megabrand whose logo even the most effete luxury customers will still wear stamped across their chests.

As for the fate of Milan Fashion Week? I suspect next January will feel more fulsome, with the return of Zegna and, I bet, a few other big names. But there’s also an argument that the organizations running these events should simply let nature take its course. If Fashion Week as we know it dies, so be it. Something else will replace it.

And now, about those Dario-to-Armani rumors…

Every few weeks, there’s fresh speculation regarding Dario Vitale, the ousted Versace designer and currently the most exciting free agent in the entire fashion industry. His single season at Versace yielded an editor-adored runway show and increased consumer interest—feats that are even more impressive when you consider that he was working while very much aware that the Prada Group, his former employer, was about to dismiss him after they acquired the brand.

There’s no doubt Vitale will land a plum gig. His problem, however, is that there are almost zero jobs publicly available at the moment. Alaïa, where his successor Pieter Mulier was last designing, is an unlikely match. Executives there are in no rush to appoint someone new; the project is so particular, and the brand so narrow, that they may be better off relying on the studio for a few seasons. (Maybe forever.)

Could a job open up at Kenzo? There has been speculation over the past few years that LVMH might sell the brand, which is mostly a sweatshirts and perfume business these days. There has also been a lingering sense that Nigo, Kenzo’s uber-talented creative director, might be ready to move on. His Japanese streetwear company, Human Made, enjoyed a hugely successful I.P.O. in November and just acquired Undercover by Jun Takahashi. Perhaps, as has been suggested to me, LVMH could hire Vitale in a last attempt to make Kenzo work at scale. The right hire can transform a brand, as Jonathan Anderson did for Loewe. And I like how Vitale’s let’s-get-everybody-together-and-pile-it-on ethos matches the philosophy of founder Kenzo Takada.

One persistent rumor has Vitale headed to, or at least in conversation with, Armani. I have dismissed that as unlikely given the company’s current complex situation. Its namesake founder died less than a year ago, and Armani’s family and longtime partner, Leo Dell’Orco, still control the business and its creative direction. Plus, the first step in a two-step sale of a stake in the business does not have to be completed until March 2027. Why would the family and the Armani board—which includes Marco Bizzarri, Federico Marchetti, and other Italian fashion heavyweights—hire a new creative director amid so much uncertainty? And why would Vitale, fresh off his own crucible of uncertainty at Versace, take the plunge? Also, the company has only started positioning Silvia Fendi and Dell’Orco as faces of the brand. While there have been some tweaks on the styling side, there seems to be a desire to let them have their moment.

And yet, this week, those rumors blossomed into a full-on report from Italian journalists Andrea Bigozzi and Maria Silvia Sacchi, the latter of whom is a well-known business reporter who spent 23 years at Corriere della Sera, Italy’s most read newspaper. According to their story, Vitale was close to an agreement to join contemporary brand Emporio Armani. (A primer on the brand’s architecture: Giorgio Armani is straight designer. Armani Exchange is high street. Emporio sits in the middle.) All weekend in Milan, everyone was talking about this like it was a sure thing. But after doing some additional reporting, including speaking to people with direct knowledge on both sides of the equation, I have concluded that there is no deal at the moment. Could one materialize in the coming weeks, months, or, um, years? Sure. But it’s just swirling rumors for now.

Either way, Vitale should certainly exercise some caution before committing, given all the aforementioned uncertainty. And does it really make sense to hire a new creative director before a sale happens, especially for what is considered to be the secondary label, all while possibly re-creating the same level of professional uncertainty, potentially stripping him of all his momentum? On Sunday night, on my way back home to Paris, I walked by an airport Emporio Armani positioned next to a Yamamay, the cheapie underwear store—about as far away from luxury as it gets. Does Vitale really want to manage for that?

Vitale is still an unknown quantity in many ways, but we do know that he’s unafraid to take risks if he believes in a project. He’s also Italian and enmeshed in the fabric of Milanese fashion. Perhaps there’s a world where he starts at Emporio and eventually assumes a broader role across the business once the succession settles. He’s also proved that he is comfortable with conflict, even if the rest of the industry is not. And his involvement could potentially attract the right buyer. In the meantime, this may be a case of the fashion world simply wanting it to be true. Let’s manifest.

London Fashion Week will have new energy in September, with McQueen showing and Christopher Kane back with his Mulberry debut. Book your hotels now! [British Vogue]

Amanda Dobbins, of Jam Session and The Big Picture fame, has launched a newsletter. It’s filled with super-specific information on books and alcohol and The RealReal. Please subscribe immediately. [Hobbies]

Seems that Reformation plans to file for an I.P.O. as early as this week. That sounds right. Apparel companies struggle on the public markets, but Reformation has consistently performed incredibly well and controlling shareholder Permira, the private equity firm, is looking for an exit. It’ll be great to see more of their raw numbers. [The Wall Street Journal]

Max Stein, who I know you wish repped you, is on a Cannes Lions Power List. [The Ankler]

I wish I could go see the Paolo Roversi exhibit, but at least here is Tim’s article! [BoF]

My co-worker Matt Belloni broke the news that Amazon is not going to release Luca Guadagnino’s movie about Sam Altman, which also features costumes by Jonathan Anderson. Hopefully someone else will. [What I’m Hearing]

Peter Miles, the graphic designer who created the identity for many of your favorite brands, made some jewelry with his client, Gabriela Hearst. [It’s chic]

Eloise is back with Thierry! [WWD]

Not to take anything away from Dua Lipa and Callum Turner’s wedding-wedding looks, because they were perfect, but it is interesting that they ended up in clothes made by the companies where they are brand ambassadors. Marriage is a business contract, after all! [Vogue]

Until tomorrow,
Lauren

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