Concierge.com's insider take:
Like Florence, Milan has a few out-of-town fashion outlet malls. One of the most popular is Italy's first outlet village, Serravalle Designer Outlet, around 55 miles southwest of the city on the Milan–Genoa autostrada. Designed as a twee mock-up of a traditional Ligurian town, the mall harbors more than 180 shops (including Gucci, Dolce & Gabbana, Versace, Prada, and most of the other big names). Closer to Milan (though it's in another country) is Fox Town (open daily 11–7) in Mendrisio—just over the border in Switzerland—where Gucci, Cavalli, Ferragamo, Prada, Loro Piana, and Missoni all have cut-price boutiques. Expect discounts of between 30 and 70 percent in both places on last season's stock.
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