Elsa Schiaparelli was an Italian clothing designer during the time of Coco Chanel’s reign. But her real influence came from the Surrealists and Dadaists. Like a lot of Italians, she fell in love with the Vespa scooter and often featured them in her store windows. (That’s a 1954 Vespa 150 in the photo.) She also incorporated its logo into the silhouette of a pair of folding google-like eyeglasses which may or may not have been produced.
Personally, I’m not seeing the logo. Do you?