Fashion Group International hosted its "Night of the Stars" gala at Cipriani Wall Street last night, where Kate Bosworth, Jennifer Lopez and Marc Anthony, Prince, Karl Lagerfeld, Ashley Olsen, Anna Wintour, Isaac Mizrahi, Donatella Versace, Allegra Versace, Georgina Chapman and Harvey Weinstein (left), Debra Messing, Jared Kushner and Ivanka Trump, Francisco Costa, André Leon Talley, Stephanie Seymour, Stefano Tonchi, Blake Lively, Penn Badgley, Alexander Wang, Bobbi Brown, Lindsay Price, Tom Florio, Christopher Bailey, Behnaz Sarafpour, Zani Gugelmann, Chanel Iman, Cindi Leive, Julianna Margulies, Christian Louboutin, Peter Som, Philippe Starck, Nina Garcia, Roopal Patel, Glenda Bailey, Tim Gunn, Jonathan Adler and Simon Doonan, Ruben Toledo and Isabel Toledo, Justine and Jeff Koons, Jonathan Newhouse, John Varvatos, Kimberly Guilfoyle, Patrick Demarchelier, Linda Fargo, Phillip Lim, Leigh Lezark and Max Minghella, Mary Alice Stephenson, and Mamie Gummer celebrated the industry. [InStyle, Wireimage, PMc]

♦ Last night Jessica Stam hosted an impossibly chic soiree in Paris, which was attended by Mary Kate and Ashley Olsen, Emma Watson, Leigh Lezark, Lauren Santo Domingo, Kate Bosworth, Lazaro Hernandez, Tinsley Mortimer, Alexander Wang, and Ryan McGinley. [stylefile]
♦ Stylista has released a preview, and the most interesting details are: They've cast a fat girl for dramatic tension, and Anne Slowey, for all her Ice Queen imperiousness, can't walk in her four inch heels. Oh, and it looks like Joe Zee's going to be a big bitch to the contestants. [Jezebel]
♦ What does the fashion world think of Sarah Palin's outfit choices? It's a chorus of "no comment," except for Simon Doonan, who offers some advice: "Nothing she wears will cause anyone to budge, so she might as well enjoy her clothes and go for a little flamboyance. I'm seeing a little Jackie Rogers, a little vintage Mackie." [WWD]

When money's tight, what makes women spend thousands on clothes? No one knows, but that's certainly no impediment to authoritative-sounding speculation when there are column inches to be filled. So, even though fashion designers plan fabrics and colors many months in advance of their shows, everyone has been eagerly interpreting new collections in light of the economy, mostly claiming that the bright, cheerful designs seen on the runway—like Betsey Johnson's—reflect a desire to detract from the gloom of dire financial prospects.

• Drama abounded at DKNY's show yesterday: PETA protestors burst onto the runway, shouting and brandishing placards—to the apparent amusement of André Leon Talley—while Petra Nemcova's new bangs rendered her unrecognizable and therefore unmolested by the media. Meanwhile the rather random celebrity trio of Winona Ryder, Christina Ricci, and Nicole Richie were regaled with "combinations of electric blue and black, neon pink and yellow anorak dresses, parachute pants and color-blocked knits" and a finale led by Donna Karan's five-year-old granddaughter Stefania. [The Cut, Fashionologie, NYDN, Telegraph]
  
  

1) At the New York premiere of spy thriller Traitor at the Regal Union Square last night, the film's stars Don Cheadle, Guy Pearce, Said Taghmaoui, and Mozhan Marno walked the red carpet along with director Jeffrey Nachmanoff, Busta Rhymes, Jesse Williams, Estelle, Aubrey O'Day, and Nicole Miller. [NYO/Wireimage]