History of fashion design second biggest-selling fashion brand (after LVMH) worldwide with US$7 billion worldwide of revenue in 2006 according to BusinessWeek magazine. In the 1990s the designer label Prada became a true creative force in the fashion industry. The Milanese company was first established in 1923, two years after Gucci, and like Gucci, it was a firm that sold high-quality shoes and leather. It was until the 1980s that Miuccia Prada, the niece of the company's founder, began to produce ready-to-wear fashion, gaining fame for her subtle, streamlined, yet unquestionably luxurious style, that catered for the privileged young woman who prefers understatement to
Italian fashion lost its importance and lustre and Europe's main trendsetter became France, with the great popularity of French fashion; this is due to the luxury dresses which were designed for the courtiers of Louis XIV. However, since the 1951–53 fashion soirées held by Giovanni Battista Giorgini in Florence, the ""Italian school"" started to compete with the French "haute couture", and labels such as Ferragamo and Gucci began to contend with Chanel and Dior. In 2009, according to the Global Language Monitor, Milan, Italy's centre of design, was ranked the top fashion capital of the world, and Rome was ranked 4th, and,