Milan’s municipality has signed agreements with Gianni Versace, Prada and Feltrinelli for the revamp of the city’s Galleria Vittorio Emanuele II shopping arcade, city representatives said Friday.
In particular, Versace, which will open a flagship store in the 2,775-square-foot space currently occupied by high-end silverware and tableware vendor Argenteria Bernasconi, will invest 1,500 million euros, or about $2.1 million, to finance 50 percent of the works for the cleaning and conservation of the Galleria.
The remaining 50 percent will be paid by Prada and Feltrinelli. The latter will close its current Ricordi Media Store to open a revamped unit 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, which will be accessible from inside the Galleria.
“Versace has an indissoluble link with beauty, art and culture. That’s why we immediately seized the opportunity to work in collaboration with the Milan municipality, the city’s superintendence and another company representative of Made in Italy excellence,” said Gianni Versace chief executive officer Gian Giacomo Ferraris. “We are proud to decisively contribute to the restoration of such an important historical and architectural monument as the Galleria Vittorio Emanuele II in Milan, also, but not only, in relation to a major event such as EXPO 2015.” 
In addition, the Milan municipality announced it will double the annual rent for the spaces occupied by Versace and Prada, which will pay 723,182 euros, $992,4085, and 928,930 euros, or about $1.275 million, a year, respectively.