Elsa Schiaparelli and Miuccia Prada: On Fashion is the Met Costume Institute's next undertaking after the rip-roaring success of Alexander McQueen: Savage Beauty. The exhibit will feature imagined conversations with the two iconic Italians on various subjects, from art and politics to women and creativity.

By juxtaposing Schiaparelli's and Prada's viewpoints on these topics, museum curators Andrew Bolton and Harold Koda hope to create a dialogue between the designers:

If we can play with that idea of what Schiap would say, with her real words, and what Miuccia would say, in her real words, on a variety of issues," Koda explained, "we could end up with something that was a mind-teaser for the audience, and would allow people to see Schiap with increased relevance and Miuccia with a different kind of understanding than they perhaps already have. We want it to be serious in content but playful in its approach.

This approach will certainly be playful considering who the Met has in charge of the production and design: no other than that master of the spectacular spectacle, Baz Luhrmann. According to Koda, the exhibit will have "a very high-tech aspect" so as to bring the past to life.

On Fashion will run from May 10th to Aug, 19th and will include some 80 designs by Schiaparelli from the late Twenties through the early Fifties and by Prada from the late Eighties through today. The annual Gala -- my ticket to which is clearly already be in the mail -- will be chaired by Anna Wintour, Miuccia herself and Carey Mulligan -- a Prada and Vogue fave as well as the star of Luhrmann's upcoming adaptation of The Great Gatsby. Hello, multi-brand tie-in.

Amazon.com, who along with Condé Nast is underwriting the exhibit, will serve as the Gala's honorary chair. [WWD, sub req'd]

Photos: WWD