He Said She Said

"To be modern in fashion is to be conscious of the things unfolding before you, not behind you, and to express those ideas as clearly and directly as possible." - Cathy Horyn

The term 'modernity' itself is problematic because it means many things to different people/fields. In art history, 'Modern' means 'after the Impressionists until (roughly) Pop', where artists (and architects) where primarily concerned with abstract form and the physical presence of the material in the piece (Pollock's paint splatters, Le Corbusier's untreated concrete), as opposed to a 'window' that offered a glimpse into another world, a fantasy. Let's apply this to the current fashion collections shall we?
As an example, at Balenciaga, the collection was about the physical properties of the clothes themselves, the way the material interacted with the wearer, the way the proportions and silhouette created shape. Dior, on the other hand, was suggestive of a mood, of a time period, and the show's main goal seemed to be conjuring up a fantasy of equestrianism. Dior's clothes were intended as a 'window' to transport the viewer/wearer elsewhere, whereas Balenciaga's clothes anchored you in the present.
On the other hand, Prada may be considered Post Modern, where the references to socialism and the Cold War era were self-conscious. Mrs Prada was exploring the relevance of these attitudes without romanticizing the period.