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The classic trams from the 1920s are still in use.
Milan is one of the major financial and business centres of the world.
The city is the seat of the Italian Stock Exchange (the Borsa Italiana)"Piazza Affari" and its hinterland is an avant-garde industrial area. Milan was included in a list of ten "Alpha world cities" by Peter J. Taylor and
Robert E. Lang of the Brookings Institution in the economic report "U.S. Cities in the 'World City Network'" (Key Findings, Full ReportPDF (940 KiB)).
Milan is also well known as the seat of the Alfa Romeo motorcar company, for its silk production, and as one of the world's capitals for fashion and a world leader for design.
Milan also provides directional functions for the whole of Lombardy, as its industrial base has been externalized throughout
the region in the 1960s-70s.
FieraMilano, the city's Exhibition Centre and Trade Fair complex, is notable. The original fairground, known as "FieraMilanoCity",
is slated for redevelopment. The new fairground, in the north-western suburb of Rho, opened in April 2005, making the Fiera Milano the largest trade fair complex in the world.
Milan of the future
At present, Milan is experiencing a significant architectural and urban design renaissance. Many new construction projects
are under way with the aim of rehabilitating disused, peripheral industrial areas, including entire quarters. Examples of
these projects include: the addition to the Teatro alla Scala; the CityLife project in the old "fiera" site; the European Library; the new quarter Santa Giulia; and the Porta Nuova project in the Garibaldi-Republica
zone. Famous architects are involved in the construction of this "new" Milan, such as Renzo Piano, Norman Foster, Zaha Hadid, Massimiliano Fuksas and Daniel Libeskind. These major works will give Milan a new skyline no longer dominated by the Duomo and the Pirelli Tower.
This urban rebirth is further fostered by the bid to host Expo 2015.
Source: Wikipedia, the free encyclopedia.
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Milan, Italy's Brera district:
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Hugo Boss AG shares ’ acquisition
The Board of Directors of Valentino Fashion Group S.p.A., held today in
Milan, has resolved to acquire from Red & Black ordinary shares, or 4.72% of the share capital and
9.26% of the voting rights. These shares correspond to the entire amount tendered
in the voluntary takeover Offer promoted by Red & Black Lux S.à r.l. on Hugo Boss AG shares.
The consideration of the transaction was determined after the examination of the Internal
Audit and Corporate Governance Committee and taking into account the fairness opinion expressed by the
financial Advisor “Rothschild S.p.A.”, in €48.33 for each ordinary share and €43.45
for each preference share, for a total amount equal to €659.4 million.
The amounts correspond to those paid by Red & Black Lux S.àr.l. for the tender Offer launched on Hugo Boss AG. Valentino Fashion Group S.p.A. will finance the acquisition by means
of credit lines granted by the banks financing the whole operation.
In order to simplify the Corporate chart and gather in one company all the shares held in the German company, the shares to be acquired will be successively contributed by Valentino Fashion
Group S.p.A. to the subsidiary V.F.G. International N.V., with a rational increase of €659.4 million
of the share premium reserve of the contributing company. At the closing of the operation, V.F.G. International
N.V. will globally hold no. 31,563,471 ordinary shares, equal to 44.83% of the share capital and 88.02%
of the voting rights, and no. 19,092,841 preference shares, equal to 27.12% of the share capital.
The impact of the transaction on the Group consolidated financial statements will result in
an increase of the net financial debt by €659.4 million and a decrease of the minority interest net equity, determined with reference to the Hugo Boss net equity as at 30 September 2007,
and in an excess cost which will be allocated at the end of the current fiscal year.
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www.valentinofashiongroup.com For futher information: Investor Relations Tel. 02/62491442 e-mail: investor.relations@valentino.com
Starwood Hotels & Resorts, Worldwide Inc. Locating in Milan.
Starwood Hotels & Resorts, Worldwide Inc. (NYSE:HOT) today announced plans with Statuto Group to open
a W Hotel in Milan, in a deal representing another significant milestone in W Hotels’ aggressive global expansion. Scheduled
to convert in December 2008, W Milan will be the first W Hotel in Italy, bringing the brand’s signature style and sophistication
to the world’s fashion and design capital.
W Milan will be located in the heart of the Brera district, a former artists’ enclave and now one of
Milan’s most energetic cultural centers. Guests will enjoy close proximity to Milan’s famed restaurants, art galleries,
retail shops and cafes crowding the narrow pedestrian streets surrounding the hotel, which will occupy a converted mid-20th
century building, notable for its iconic character.
“As one of the global capitals of design and fashion, Milan is a perfect fit for the W brand,”
said Ross Klein, President of Starwood’s Luxury Brands Group. “W Milan will mark a major step in our brand’s
global expansion, pairing two style icons in the heart of one of the world’s most beloved destinations.”
W Milan is a highly anticipated addition to the brand’s seven recently announced hotels in Europe, Africa
and the Middle East in key destinations, including Barcelona, Athens, St. Petersburg, Istanbul, Dubai and Doha.
“We are thrilled to introduce the W brand to Italy, providing our cosmopolitan guests with an insider
escape in the cultural center of one of Europe’s most exciting cities,” said Roeland Vos, President of Starwood
Hotels and Resorts, Europe, Africa & Middle East. “Milan’s blend of commerce, cultural treasures, and world-class
shopping make it a perfect choice for W’s continued worldwide expansion.”
The hotel’s 76 rooms will include eight W suites and one Extreme Wow Suite. W Milan will also feature
a signature restaurant, a destination rooftop bar, the W Living Room, and a spa and fitness center. A highlight of the hotel’s
guest rooms will be W signature beds, featuring 350 thread-count Egyptian cotton sheets. Guests can also indulge themselves
by using the Whatever/Whenever service, the hotel’s 24-hour concierge that can provide whatever guests want -- from
a pair of running shoes to private jet service -- whenever they want it.
“We are very proud to provide the city of Milan with a unique opportunity to combine business, fashion,
elegance and pleasure,” said Giuseppe Statuto, Chairman of Statuto Group. “Moreover, the new W project will solidify
Statuto Group’s reputation as a leading developer of luxury hotels.”
In a city that weaves together European charm with modern influences, Milan is Italy’s transportation
center, boasting a high-speed rail link and a superior subway system. The city’s two international airports are both
less than an hour from W Milan.
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Valentino leaves ready-to-wear in style
Reuters | Thursday, 4 October 2007
Designer to the stars, Italy's Valentino unveiled glamorous gowns fit for any young starlet in his last ready-to-wear
show before retiring after 45 years.
Models in bright cocktail dresses and long gowns in his signature red, or with polka dots and ruffles, glided down a mirrored
catwalk before twirling in front of the cameras.
Party music accompanied the show, with the models dancing at the end and guests rising for the obligatory standing ovation.
One of the undisputed kings of fashion, Valentino will retire in January after a final haute couture show and hand the
reins to relatively unknown designer Alessandra Facchinetti.
"This is the one before the last and I want to do my best, and why not?," the 75-year-old Valentino said on Wednesday.
"I am full of joy and a little emotional of course, and I am very strong because as I told you ... I leave the room, but
the room is still full."
His departure follows the sale of his Valentino Fashion Group to the European private equity group Permira, which industry
insiders have said want a younger, more innovative designer to help it expand to new markets.
Anna Piaggi of Italian Vogue thought it was time for a change, saying Valentino had lost the plot.
"It's boring," she said after the show. "It's not good, it's not modern. Why do we constantly say it's beautiful? Why?"
RED CARPET
Valentino's signature scarlet evening gowns have long made him a hit for red carpet events, where he has dressed famous
names like Jacqueline Kennedy Onassis, Audrey Hepburn and Julia Roberts. His conservative style still attracts many fans.
"It's very definitely the end of an era. Valentino is irreplaceable," said Hilary Alexander, fashion director at the Daily
Telegraph.
"He understands his customers, he has a respect for women and a lifelong appreciation of beauty."
Valentino is widely ranked alongside Giorgio Armani and Karl Lagerfeld as the last of the great designers from an era before
fashion became a global, highly commercial industry run as much by accountants and marketing executives as the couturiers.
"We were a bit disappointed. We thought he might carry on a bit longer," said Ken Downing, fashion director at upmarket
U.S. store Neiman Marcus.
Lagerfeld said he also regretted his competitor's departure.
"I'm not very happy," he said after his own show on Wednesday. "He's on top form, he should continue."
Lagerfeld presented a youthful collection for his own label, which took inspiration from the 1980s. Models paraded on a
rainbow-striped runway in short ruffled skirts or trousers made of black see-through tulle.
Lagerfeld, who also designs for Chanel, edits books and who is approaching 70, said he had no intention of slowing down.
"The number of contracts I have, I'm like a man with a death sentence," he said.
Stahl opens Design Studio in Milan
Stahl has recently opened a design studio in Milan, Italy. This forms the centre for a newly formed
Fashion Group comprising Stahl's Fashion Consultant, Rini van Vonderen; John Schoemans, Fashion Coordinator at Stahl Holland,
Waalwijk; and Peter Jessop, Team Leader and also based in Waalwijk.
The Fashion Group has been created to provide advance information on colours, textures and innovative effects that will
influence all market segments of the worldwide leather industry in the future. Since colour forecast information is generally
available up to three years in advance of high street fashion demands and is relatively easy to predict, Stahl prefers to
predict the more important changes and to show how these will influence all types of articles made from leather. The recent
distribution to customers of the first "Trend Book" shows many good illustrations of how new leather surfaces may be converted
into fashionable designs in footwear, leathergoods and other high fashion articles.
Within the group, the Fashion Consultant develops the concept stage for a particular fashion season in which a variety
of both leather and textile swatches are combined with other materials to form the basis of ideas for new product development
and production of commercially attractive and fashionable leathers. The role of the Fashion Coordinator to transfer these
ideas into surface textures in the right combination of colours for making a saleable piece of leather that will fulfil the
demands of fashionable apparel and interior designs during the relevant season.
Customers who have already visited the Milan Design Studio following its formation have been impressed with the fashion
presentations both in the "concept" form and at the stage where they have been able to include finished leathers created from
early ideas conceived by experts from the fashion industry.
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