Will Brazil Become the Next Milan?

Brazil has been long dismissed as the land of bikinis and rubber flip flops. But with its galloping economy and hordes of new millionaires, the South American giant is the fashion and luxury industry's newest darling. (AP)

A model wears a creation from the Espaco Fashion fall-winter fashion collection at Fashion Rio in Rio de Janeiro, Brazil, Thursday Jan. 12, 2012. (AP Photo/Felipe Dana) (AP2012)

Models wear creations from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Alessa fall-winter fashion collection at Fashion Rio in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

Una modelo presenta piezas de la colección otoño-invierno 2012 de la casa Cantao en la Semana de la Moda de Rio de Janeiro el martes 10 de enero de 2012. (Foto AP/Silvia Izquierdo) (Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

**ADDS NUDITY ADVISORY ** EDS NOTE NUDITY - A model wears a creation from the Acquastudio fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Alessa fall-winter fashion collection at Fashion Rio in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Acquastudio fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

Models wear creations from the Cantao fall-winter fashion collection during the Fashion Rio 2012, in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Patachou fall-winter fashion collection at Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Acquastudio fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Alessa fall-winter fashion collection at Fashion Rio in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Alessa fall-winter fashion collection at Fashion Rio in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

Models parade creations from the Patachou fall-winter fashion collection at Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

EDS NOTE NUDITY A model wears a creation part of the Acquastudio fall-winter fashion collection during the Fashion Rio in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Patachou fall-winter fashion collection at Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Cantao fall-winter fashion collection during the Fashion Rio 2012, in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Patachou fall-winter fashion collection at Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Patachou fall-winter fashion collection at Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Cantao fall-winter fashion collection during the Fashion Rio 2012, in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

Models wait backstage to dress for the Acquastudio fall-winter fashion show at Fashion Rio in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model, wearing a creation from the Acquastudio fall-winter fashion collection, poses for a photo backstage during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Acquastudio fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Acquastudio fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Patachou fall-winter fashion collection at Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Patachou fall-winter fashion collection at Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Patachou fall-winter fashion collection at Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Herchcovitch fall-winter fashion collection during Fashion Rio 2012 in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Cantao fall-winter fashion collection at Fashion Rio in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

Models wear creations from the Alessa fall-winter fashion collection at Fashion Rio in Rio de Janeiro, Brazil, Tuesday Jan. 10, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation of the Filhas de Gaia fall-winter fashion collection during the Fashion Rio 2012 in Rio de Janeiro, Brazil, Friday, Jan. 13, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation of the Filhas de Gaia fall-winter fashion collection during the Fashion Rio 2012 in Rio de Janeiro, Brazil, Friday, Jan. 13, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation of the Agatha fall-winter fashion collection during the Fashion Rio 2012 in Rio de Janeiro, Brazil, Friday, Jan. 13, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation by Auslander during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)

A model wears a creation of the Filhas de Gaia fall-winter fashion collection during the Fashion Rio 2012 in Rio de Janeiro, Brazil, Friday, Jan. 13, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

Brazilian ballet dancer Ana Botafogo performs during the Bianca Marques fall-winter fashion show at Fashion Rio in Rio de Janeiro, Brazil, Thursday Jan. 12, 2012. (AP Photo/Felipe Dana) (AP2012)

Spectators wait for the start of the Auslander show during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. Brazil has been long dismissed as the land of bikinis and rubber flip flops. But with its galloping economy and hordes of new millionaires, the South American giant is the fashion and luxury industry's newest darling. (AP Photo/Victor R. Caivano) (AP2012)

A model wears a creation by Auslander during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)

A model wears a creation by Auslander during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano) (AP2012)

A model wears a creation by Auslander during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano) (AP2012)

Ultimate Fighting Light Heavyweight Champion Jon "Bones" Jones wears a creation by Auslander during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)

A model wears a creation by Auslander during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)

A model wears a creation by Oestudio during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)

A model wears a creation of Andrea Marques during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)

A model wears a creation of Andrea Marques during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)

Models wear creations of Andrea Marques during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)

A model wears a creation of the Filhas de Gaia fall-winter fashion collection during the Fashion Rio 2012 in Rio de Janeiro, Brazil, Friday, Jan. 13, 2012. (AP Photo/Silvia Izquierdo) (AP2012)

A model wears a creation from the Espaco Fashion fall-winter fashion collection at the Fashion Rio in Rio de Janeiro, Brazil, Thursday Jan. 12, 2012. (AP Photo/Felipe Dana) (AP2012)

A model wears a creation by Auslander during the Fashion Week in Rio de Janeiro, Brazil, Saturday, Jan. 14, 2012. (AP Photo/Victor R. Caivano)