On the Glossy Podcast, senior fashion reporter Danny Parisi, editor-in-chief Jill Manoff and international reporter Zofia Zwieglinska break down some of the biggest fashion news of the week.

This week, we’re starting with a look back at Milan Fashion Week. Danny and Zofia break down a few of the notable shows, including a big debut from Dario Vitale as the new creative director of Versace. Vitale is the first designer for the brand who is not a member of the Versace family, but his debut collection was well received.

And in the same week, the acquisition of Versace by Prada Group was approved by E.U. regulators.

Giorgio Armani’s show was a fitting tribute to the recently deceased designer who had a profound impact on Italian fashion. And the Brunello Cucinelli show was outshone by allegations from a short seller that the brand has been operating in violation of E.U. sanctions in Russia. Cucinelli has denied the claims.

In the second half of the episode (20:00), in light of Paris Fashion Week, we discuss two of the biggest luxury companies in the world. LVMH and Hermès, both French and both presenting this season in Paris, have traded the top spot for the most valuable luxury company in the world several times this year.

We break down the strengths of each company. For Hermès, its laser focus on a single brand and high-value customer; for LVMH, its diversified portfolio and broader appeal. Both approaches have their upsides and their challenges, depending on market conditions.

And both companies also face competition from independent brands. We also hear from Luca Solca, senior analyst at Bernstein covering luxury goods, who weighs in on the challenges that megabrands like LVMH and Hermès face.