Only the name is classic, but then so is "Vespa".
The brand-name "Vespa" has been owned by Piaggio since Day 1.
I don't think that the same can be said for "Lambretta", so therefore "Vespa" is more than just a classic name or a 21st. century attempt at doing a retrospective.
At best, this Lambretta-badged model is someone's idea of "This is what a Lambretta would look like now if they had continued under the original ownership".
(Note that, unlike the original Lambretta, the front mudguard is not fixed).