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Italy’s Camera della Moda on Tuesday unveiled plans to build a fashion institute in Milan to rival leading international fashion and design schools, including London’s Central Saint Martins College of Art & Design and New York’s Fashion Institute of Technology. The 21 million euro, or $33.4 million, Milan Fashion Institute will be built as part of the fashion city, or “Citta della Moda,” development in the Porta Garibaldi area of the city, and is slated to open in 2011, although some courses will run from January of next year. “[It] will be an incubator for future Italian talent,” Milan mayor Letizia Moratti said.