In recent decades, a growing phenomenon has gained a foothold in the world of luxury brands: major fashion and luxury companies such as Prada, Cartier and Louis Vuitton have set up their own art foundations. These are dedicated to the promotion of contemporary art, the collection and presentation of important works and the support of creative talent.
Why?
Because art and luxury products share values such as creativity, uniqueness and exclusivity. This motivates brands to strengthen their cultural capital and prestige through art foundations. Foundations combine exclusivity with public accessibility by making art accessible to a wide audience without jeopardising the brand's aura. Through funding programmes, prizes or educational initiatives, brands position themselves as supporters of the creative scene and contribute to cultural education. These strategies create an emotional connection to the brand that often goes beyond pure marketing. In the long term, such initiatives strengthen the brand's reputation and bind customers to its values.
The union of art, fashion and philanthropy
The Fondazione Prada was founded in 1993 and has been managed by Miuccia Prada herself for 30 years. She herself embodies the connection between art and fashion that forms the basis of her foundation, as she is an avid collector. Monopol Magazin quotes her as saying: ‘Fashion is my profession and I do it with passion, but it is also the financial means that allows me to dedicate time and energy to what is most important to me: art.’
The foundation's main locations are the cultural centre in Milan, which opened in 2015 and was designed by the architecture firm OMA under the direction of Rem Koolhaas, and the restored baroque building Ca' Corner della Regina in Venice. These spaces not only offer space for contemporary art installations and interdisciplinary events, but also for long-term educational initiatives. The work is complemented by the Osservatorio in the Galleria Vittorio Emanuele II in Milan, which researches experimental visual art. Another focus is on supporting film as an artistic medium, with the in-house Cinema Godard in Milan honouring works by pioneers of cinematic art.
Internationally, the Fondazione Prada sets the tone with collaborations with centres in Shanghai, Tokyo and New York. Artistic commissions, exhibitions and discussion forums are regularly organised here to promote global exchange. The foundation attaches great importance to combining exclusivity and accessibility in order to involve a broad public while maintaining the high standards of its projects.
The tool of choice for social entrepreneurship
The Fondazione Prada shows how foundations can promote globally relevant topics by combining art, science and education, while at the same time combining excellence, accessibility and cultural heritage. It is therefore a prime example of why foundations are the means of choice for a company's social commitment. In addition to the common good, the foundation also promotes the most important economic aspects for luxury companies: the reputation embodied in a brand is often the most important corporate asset. Foundation work strengthens brand awareness and reputation. dtb rechtsanwälte advises on foundation law as well as art and luxury brand law.