Like moths to a flame, 800 of the most powerful people in fashion are expected swarm to a former gin distillery on the southern fringes of Milan on Wednesday afternoon . They will bat their wings at the doors of the Fondazione Prada, the contemporary arts complex masterminded by Miuccia Prada and the regular runway venue for the brand powerhouse that bears her last name.

The likely reception for her spring 2020 collection? Rapturous applause.

One of the most anticipated events on the fashion week calendar, the Prada show has been hailed among the top 10 of the season by American Vogue for as long as the magazine has run such rankings. In 2013, the British critic Alexander Fury said Mrs. Prada’s ugly chic frocks “have influenced the way entire generations of designers create clothing.” For years, the entire front row would tote matching Prada bags, seeded among them by the brand, underscoring Mrs. Prada’s status as one of the most powerful and admired women in the fashion business.

And yet, in late 2013, after almost three decades of commercial growth and despite glowing reviews about “glamour that got under your skin” (The New York Times) and “resounding repudiations of milquetoast fashion” (Financial Times), financial cracks began to show.