The Metropolitan Museum of Art’s Spring 2012 Costume Institute exhibition “Schiaparelli and Prada: Impossible Conversations,” goes on view this week, but Tod’s owner Diego Della Valle is looking to relaunch the iconic Italian fashion brand Schiaparelli beyond any Met run. Della Valle purchased the rights to the Schiaparelli label in 2007, and he’s just opened its fashion house at the same address, 21 place Vendome in Paris, where Elsa Schiaparelli had her salon in 1935. Della Valle hopes to name a creative director and CEO for the brand this summer. He’s expected to preside over a Schiaparelli table at the Met Ball tonight with guests including W editor Stefano Tonchi, Vogue Italia’s Franca Sozzani and Elettra Wiedemann.