Created by Elsa Schiaparelli in 1927 at 4, rue da la Paix in Paris, France. It started in knit wear. In 1929, before becoming common practice, Elsa Schiaparelli got licenses in the United States for print clothing.

1930 was a year of firsts, including the first strong-shoulder suit and coat, the first wrap dress in Haute Couture and the first evening jacket. Schiaparelli also filed a patent for a one-piece swimsuit with integrated bra. In 1932, the Couture House expanded to include 400 employees. In 1939, Schiaparelli, Inc. was registered in the United States. Elsa Schiaparelli became the first woman fashion designer on a TIME magazine cover in 1934. In 1935, the Couture House moved to Hotel de Fontpertuis, 21 place Vendome.

With the “Le Cirque“ (circus) collection, Elsa Schiaparelli was the first to give a theme to her collections. This also led to the modern day runway show.

In 1939, due to the Second World War, the Couture House's workforce is reduced to 150 with the remaining staff only working every other week on reduced salary.

In 1940, the first mermaid silhouette appeared in Haute Couture and military inspired jacket with large embroidered pockets became popular. The jacket became one of Schiaparelli's signature garments. In 1941, Elsa left Paris due the war and returned in 1945 after living in New York.

In 1954, Elsa Schiaparelli decided to close her Couture House. She writes her autobiography, "Shocking life".

In 2012, the Couture House at Hotel de Fontpertuis, 21 place Vendome was reopened and in 2014, presented the first Haute Couture runway since 1954. In 2017, Schiaparelli was awarded with the official Haute Couture label by the French Ministry of Industry and the French Couture Federation.