Diego Della Valle to Relaunch Schiaparelli

Elsa Schiaparelli

Photos courtesy of Schiaparelli

Elsa Schiaparelli with Salvador Dali (left); portrait of Elsa Schiaparelli by Teddy Piaz (right).

With the Costume Institute exhibition opening and the Met Gala tonight, we didn’t think Schiaparelli fever could get any worse. We were wrong.

Diego Della Valle, the Italian businessman and CEO of Tod’s Group, has announced that he will be reviving the storied fashion house, with Schiaparelli products hitting stores as early as February 2013. A designer for the house has not yet been named (let the speculation begin!), but French actress and model Farida Khelfa will be the brand’s spokesmodel and muse—and will attend tonight’s Gala in vintage Schiaparelli, naturally.

“The idea with Schiaparelli is to propose the brand with all its modernity, and represent dreams, art and all the most sophisticated things we can do,” Della Valle told WWD. “This brand doesn’t have to get involved in the frenetic world of numbers, accounts and dimensions, but it just has to express itself at its best. The heart of this project will be the Parisian maison in Place Vendôme, in the original location where the first atelier was.”

The collection will include apparel, but will focus on accessories (shoe hat, anyone?), fragrances, and cosmetics—which we can only imagine will include plenty of Schiaparelli’s signature shocking pink.

Schiaparelli and Prada: Impossible Conversations opens this week.