Heads or Tails? The Double-Sided Fashion Coin of Milan

"Indeed, what we should be talking about when it comes to this most full-throttle of brands is not a mere coin but a medallion, another of its house codes. Donatella, who headed up the label after her brother Gianni's death in 1997 until March of this year, and who is rumoured to be re-engaging now that Prada is in charge, is the personification of its more is more aesthetic."

"Then there's Miuccia Prada, or Mrs Prada, as she is known in the business. Mrs Prada couldn't, as that rather formal nomenclature suggests, be more different. A personal style reference point for me, as for so many others, she channels a look that I would characterise as edgy but chic librarian. If that sounds like a contradiction in terms, well, that's because this is what Mrs Prada - and her brand - is so brilliant at, and what makes everything she does (and wears) feel so contemporary."

"Though, to be clear, it's not that Prada will seek to turn Versace into another version of itself. What would be the business point of that? Indeed, one of the posited theories for the sudden departure of the Versace's recently appointed creative director Dario Vitale after just one highly praised catwalk collection was that his vision aligned too closely with - and thus might potentially have cannibalised - what Prada is currently channelling with great commercial success at its sister brand, Miu Miu."

Versace's visual identity centres on the Medusa head and medallion motifs, reflecting a maximalist 'more is more' aesthetic embodied by Donatella, who led the label from 1997 until March and is rumoured to re-engage under Prada's oversight. Miuccia Prada projects an edgy yet chic librarian look that feels contemporary and influential. The alliance pairs two high-profile Italian fashion figures while clarifying that Prada will not simply remake Versace in its own image. One suggested reason for creative director Dario Vitale's sudden exit was that his vision too closely resembled Miu Miu's, potentially risking internal competition; Vitale previously worked at Miu Miu.

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