• Tom Ford is expanding. (Or hoping to, at least.) The designer is reportedly looking to raise $50 million in financing to expand into womenswear. [Reuters]
• Rents along Fifth Avenue have been falling, of course. But the situation appears to be particularly bleak at the empty shopping mall (or "retail collection") at the Plaza Hotel. [Bloomberg, NYP]
• The downside of diffusion: According to a new survey, consumers say luxury products are too accessible these days and have become a commodity. [WWD]

• London Fashion Week kicked into high gear over the weekend. Given LFW is celebrating its 25th anniversary and a handful of designers who have been absent in recent years have returned, it's shaping up to be London's biggest year yet. Further proof of LFW's resurgence: Vogue editrix Anna Wintour (seen here fumbling with her BlackBerry) is attending the shows following a two-year hiatus. [Telegraph, LAT, NYT, Guardian]
• While many top NY-based fashion editors are turning up to the shows in London, many mags are saving cash by divvying up editors between the shows in London, Milan, and Paris. Or by making them stay at cheaper hotels. [WWD]
• More highlights and reviews from LFW's first few days. [NYT, NYT, Pipeline]

• Cintra Wilson is not impressed with the NYC's very first JCPenney: "Why would this perennially square department store bother to reanimate itself in Manhattan—in the sleekest, scariest fashion city in America—during a hair-raising economic downturn, without taking the opportunity to vigorously rebrand itself?" Making matters worse, she says even the mannequins are obese: "It's like a headless wax museum devoted entirely to the cast of Roseanne." [NYT]
• Contrary to recent rumors, Kanye West is not interning at the Gap. [FWD]
• It looks like Escada is the latest fashion house to go bust. [Bloomberg]
• Anna Wintour will appear on Dave Letterman's show on August 24. (Set your DVR!) In other Anna-related news (and despite recent budget cuts at Condé Nast), the Vogue editrix will be making the trip to London Fashion Week.

• Here's a sign that people are shopping again (or else Victoria Beckham has gone on another shopping spree): Hermès says it's experiencing such "massive over-demand" for its handbags, it's been forced to set up its own crocodile breeding operation in Australia just to keep up. [Reuters via Cut]
• Esteban Cortazar appears to be parting ways with Emanuel Ungaro. It appears he plans to sue Ungaro, too. [WWD]
• Do you control a major luxury brand? Are you a fan of Chloe Sevigny? If you answered yes to both questions, give her a ring. She's willing to talk. [SF]
• A "couture" tattoo shop has opened in the Flatiron district. [W]
• The DKNY mural at Houston and Broadway is officially gone. [BB]

• No one seems to know why, but a model at the Jill Sander show in Milan appeared on the runway with tears streaming down her cheeks. A new trend? An allergic reaction of some sort? A reaction to the stress and anxiety hanging over the industry? You decide. [WSJ]
• Reviews and recaps of the recent runway shows in Milan. [NYT, IHT, Times UK]
• Barneys' makeup department seems to be holding up despite the recession. [NYT]
• The appointment of Dasha Zhukova as editor-in-chief of Pop is ruffling some feathers, not surprisingly. [Fashionologie]
• Michelle Obama went with Michael Kors for her official portrait. [WWD]
• A roundup of 10 trends from London Fashion Week. [Pipeline]
• The French magazine Femmes is relaunching and the new issue is devoted exclusively to Lydia Hearst, you'll be thrilled to hear. [Fashionista]

• A preview of what's planned for Milan Fashion Week. [Vogue UK]
• Roberto Cavalli isn't the only designer in Milan grappling with the gloomy economy: The parent of Gianfranco Ferré is now bankrupt, and some Italian designers are hoping for a government bailout. [NYT, NYM, Telegraph]
• You won't find too many Americans shopping in Milan these days thanks to the economy and dollar. Ukrainians, however, are everywhere. [IHT]
• What recession? The champagne flowed in London this week. [Fashionista]
• Michelle Obama debuted a new hairdo last night! [NYM]
• Mary-Kate and Ashley Olsen have a new men's line in the works. [WWD]
• Fashion's "10 most controversial obsessions." [Pipeline]

• Diane von Furstenberg had a really lovely Oscar weekend, thanks so much for asking. [DVF]
• Rachel Zoe is denying that clients Cameron Diaz and Debra Messing have abandoned her. "Styling is still her number one priority," a "source" says. [SW]
• Layoffs: Neiman Marcus is cutting 450, Valentino is downsizing its NY office, and there are rumors Coach is trimming staff, too. [WWD, WWD, Racked]
• Thakoon reflects on last week. [NYO]
• Chloe Sevigny's second collection for Opening Ceremony hit London on Sunday evening. [WWD]
• Reports from London Fashion Week as it winds down. [Vogue UK, NYT, AFP]
• The gloomy mood in Bryant Park last week appears to have made its way to Milan: Just Cavalli has cancelled its runway show for Thursday. [NYM]

• Winners and losers at the Oscars, including the boring (Angelina), controversial (Tilda), and just plain bad (Beyoncé). [NYT, Telegraph, W, FWD]
• It wasn't the Oscars, but Michelle Obama sparkled last night in a sequined number for the National Governor's Association dinner. [NYM]
• A roundup of 15 top looks from New York Fashion Week. [Pipeline]
• There appear to be some fresh signs of trouble at Barneys. [Racked]
• More on what you can expect to see when Running in Heels debuts. [WSJ]
• Not surprisingly, the fashion job market isn't exactly thriving. [NYP]
• A roundup of what you've been missing at London Fashion Week. [Vogue UK]

• Ralph Lauren closed out Fashion Week with a predictably opulent show. Anna Wintour turned up with Morley Safer in tow since 60 Minutes is filming a segment on the Vogue editrix. Blake Lively, however, did not appear all that interested in the conversation. [NYT, WWD, FWD, Racked]
• David Lauren appeared at Ralph's show with his leg in a cast. "He just sort of stepped off an uneven sidewalk wrong," explained Lauren Bush. [NYM]
• In the end, good design won out this week, says Cathy Horyn. [NYT]
• Hamish Bowles says Marc Jacobs' and Alexander Wang's shows were "two bright spots in his week." Also: He could really use a nap. [NYO]
• Did you feel the depression this week? "Serotonin levels are down." [NYT]
• A bit of advice from Barneys' Julie Gilhart: "Bet on leggings." [NYM]
• Isaac Mizrahi and Kelly Rowland will handle the hosting duties on the new Bravo series, The Fashion Show. Fern Mallis will serve as judge. Yay. [Variety]
• Karl Lagerfeld knows what people want: Behold the Chanel Segway. [Pipeline]
• London Fashion Week started today. Enjoy! [Vogue UK]