Versace and Prada fans, indeed, tourists in general, will be pleased to know that Milan’s municipality has signed agreements with Gianni Versace, Prada and Feltrinelli for the revamp of the city’s famed Galleria Vittorio Emanuele II shopping arcade in Milan.
Versace is scheduled to open a 2,775-square-foot flagship store, currently occupied by luxury silverware and tableware retailer Argenteria Bernasconi, and will invest 1,500 million euro to finance 50% of the works for the cleaning and conservation of the Galleria.
The remaining 50% will be paid by Prada and Feltrinelli.
Feltrinelli will close its current Ricordi Media Store to open a revamped store under the Feltrinelli brand.
This store will be smaller that the existing space because Prada will expand its presence in the Galleria to incorporate two windows of the adjacent Ricordi Media Store, along with its mezzanine floor.
These areas will be next to the new Prada men’s store and will host Fondazione Prada’s exposition space.
In addition, the spaces occupied by Versace and Prada will double in annual rent. They will pay 723,182 euro and 928,930 euro, a year, respectively.