It's not exactly news that rich people will spend too much money to look cheap, but the latest accessory from designer Jil Sander is still noteworthy for being hilariously expensive and useless.

• Mayor Bloomberg has pronounced it "Sparkle Week" in NYC as part of an effort to give a boost to the jewelry industry. They sure could use the help: Retailers in the Diamond District report that sales have dropped by more than 50 percent over the past year. [NYM, Crain's]
• Jil Sander's new Madison Avenue store has opened its doors. [Racked]
• Lauren Hutton was injured while surfing a couple of weeks ago, but she's still hoping to make it to the Costume Institute ball. [NYM]
• Is Chloe Sevigny single-handedly trying to bring back the sandals-and-socks look, or was the combo of sun and booze at Coachella to blame? [Frisky, JJ]

• Is Anne Hathaway going to replace Victoria Beckham as Marc Jacobs' latest muse? That's the rumor, at least. [Daily Mail]
• One more rumor: It's said Olivier Theyskens may be taking over at Halston. [Hint]
• It's not all bad news on Madison Avenue: Jil Sander and Nanette Lepore both have stores opening in the next few months. [FWD]
• Lindsay Lohan's latest brand extension? A line of panty hose, naturally. [WWD]
• Barneys is getting a small (but much-needed) infusion of cash. [NYP]
• Filene's Basement is not bankrupt. Not yet, at least. [NYP]
• Jessica Joffe goes topless for Katy Rodriguez. [Pipeline]
• The Cut has the list of every piece of clothing Michelle Obama wore on her trip overseas. And it includes the Alaïa cardigan that she wore twice. [NYM]

• It's been a busy few days for Valentino. He's taped appearances for Oprah and Martha Stewart; Valentino: The Last Emperor, the new documentary about him, debuts in NYC tomorrow; and it's rumored that despite his very public retirement in early 2008, he remains in charge of his eponymous fashion house. [Fashionologie, WWD, P6]
• What will you find if you visit Valentino's apartment overlooking Central Park? Lots of zebra armchairs and porcelain statues. And air that's "thick with spicy, masculine cologne." Exactly what you pictured, basically. [NYM]

• Michael Kors' Gossip Girl appearance? He'll be in the front row of Eleanor Waldorf's (in real life designer Abigail Lorick's) runway show along with Tinsley Mortimer. [NYO]

• Seasoned jetsetter Diane von Furstenberg plans to take the angst out of packing with her new cruise collection La Petite Valise: "Packing is the key to everything. It can be painful to do it properly and keep it light, but afterwards you'll be so happy, so proud." It also helps if you can afford to travel with an entourage of eight assistants. [Telegraph]

Jil Sander, the designer best know for her well-tailored, kinda-but-not-really-affordable careerish clothes, has left the company which bears her name after continual fighting with the Prada Group and its head, Patrizio Bertelli. Sander's most recent collection received solid reviews in Milan, but Sander apparently felt a lack of respect from her Italian parent company. No respect for powerful, unemaciated women in fashion? Who knew. Women's Wear Daily plans on running the story tomorrow, but we've got the fancy pants preview after the jump.