Apparently, Old Navy's selling drug-dipped flip-flops (yay!), because people are Googling the shit out of them.

• Don't feel too bad if you're staying in the city for the long weekend. Take advantage of the big Memorial Day sales instead. [NYDN]
• Burberry's new Madison Avenue HQ opens on May 28; the building's sign will get switched on then, too. [Hint]
• Today in C-list celebrity fashion news: Alyssa Milano has debuted a baseball-inspired collection; and Heidi Montag is releasing a line of bikinis. [SW, SW]

The Way We Live Now: Fashionably. But only for the necessities. $775 shorts for the men. Online shopping sprees for the olds. The basics.

If Giorgio Armani hasn't been returning your calls lately, he has a perfectly valid excuse. It seems the designer is recovering from a bout with hepatitis. But he's "on the road to recovery," you'll be happy to hear, so he should get back to you shortly. [My Fashion Life]

• Kate Moss's latest collection for Topshop hits stores (and the web) tomorrow. [Fashionologie]
• Anna, Oscar, Vera, and Carolina—among others—joined Mayor Bloomberg at City Hall this afternoon to announce Fashion's Night Out, which is scheduled for Sept. 10. [NYM]
• A former assistant to Karl Lagerfeld (and the author of a tell-all about the designer) is making waves once again with his descriptions of life inside the house of the Kaiser. [Fashionologie]
• A chat with French Vogue editor Carine Roitfeld. [Guardian]
• Halston's new creative director is Marios Schwab. [Vogue UK]
• Nordstrom be eyeing the Virgin Megastore space in Union Square. [WWD]
• It's Fleet Week! Why not get dressed up for the occasion? [Pipeline]

There's been lots of depressing news about the state of the Hamptons real estate market in recent weeks. Today, however, there's a bit of good news to report: Calvin Klein has finally started demolishing Dragon's Head, the tacky 50,000-square-foot castle in Southampton that he bought a few years ago. A smaller—but much trendier—minimalist mansion will soon rise from the rubble. And if Calvin remains bullish about the future, shouldn't you be, too? Of course you should. [Newsday, previously]

• Mayor Bloomberg will be joined at City Hall tomorrow by Anna Wintour, Vera Wang, and Macy's chief Terry Lundgren to announce an event called Fashion's Night Out. As part of the Sept. 10 extravaganza, stores across town will stay open until midnight and host parties that will—gasp!—be open to the public. [NYT]
• Anna has a busy day tomorrow. In addition to the City Hall thing, she'll also be at Columbia to attend Bee Shaffer's graduation. [Fashionologie]
• The fashion, parties, and sheer stupidity you're missing at the Cannes Film Festival at the moment. [NYT, WWD]
• Michelle wore an Alaïa dress and Thakoon jacket to last night's ABT gala. [AP]
• You may want to try haggling the next time you're at Lord & Taylor. [NYM]
• Burberry backed away from its signature plaid a few years ago over concerns it was way too overexposed. But now they're bringing it back. [WSJ]
• Victoria Beckham is a big fan of the Birkin bag. She has 100 of them. [P6]

NYC's "Fashion's Night Out" stimulus plan: "[Stores] are being asked to stay open, as late as midnight, and to throw parties that will be open to the public." Will they also give out money? [NYT]

• Gwyneth Paltrow is planning to give up her contract with Estée Lauder so she can focus on her website Goop.com, per the ever-reliable Daily Mail. More troubling: The paper says her plan is to "become an Oprah Winfrey-like lifestyle guru." [DM]
• Michelle Obama returned to NYC today. She attended the reopening of a wing at the Met (where she wore a coat by Isaac Mizrahi coat and sat next to Ralph Lauren, Iman, and Anna Wintour). Then it was over to opening night at the American Ballet Theater. [WWD, NYT]
• An excerpt from Lauren Conrad's debut novel has been posted online, in case you feel up to tackling some heavy literature. [Teen Vogue]
• Valentino, diplomat of fashion: "I saw the pictures of the Metropolitan gala evening last week and I never saw something more ugly." [Guardian]
• Speaking of Valentino, Time Out's current issue tests out self-tanners. [TONY]

After all that trash talk, American Apparel has agreed to give Woody Allen $5 million for putting his picture on their skeevy billboard. Pussies!

If you missed Morley Safer's interview with Vogue editor Anna Wintour on 60 Minutes last night (and you didn't set your DVR so you can watch it later), the video is here. Can't be bothered to watch the whole thing? NYMag.com's The Cut has a recap as well as a few outtakes from the interview. Or, if you're more the still image/caption sort, Gawker has some screencaps here.

• Agyness Deyn is the new face of Uniqlo. [WWD]
• It seems Zac Posen is producing a scripted television series. And it's all about horses. [NYM]
• Tommy Hilfiger is rumored to be looking for retail space in Union Square; he's checked out the former Circuit City space and the Virgin Megastore, which is closing soon, too. [Real Deal]
• Brooke Shields says she's still stunned by all the Jack McCollough-Kiefer Sutherland media attention. [USAT]
• Leigh Lezark could be Matthew Williamson's new muse. [Fashionista]
• Nanette Lepore opened her second store in New York City today. [NYM]
• Swapping clothes online: now more popular than ever! [WSJ]

• CBS has released more footage from Morley Safer's interview with Anna Wintour from this Sunday's 60 Minutes. In this installment, Anna explains why she insists on wearing sunglasses indoors. (The answer: It's her "armor.") [CBS]
• Matthew Williamson's second collection for H&M arrived in stores today. [Racked]
• LVMH may be buying a stake in the green fashion line backed by Bono. [WSJ]
• A retrospective on fashion photographer Richard Avedon opens tomorrow at the International Center of Photography. Cathy Horyn looks back. [NYT]

It's not cool looking like a banker these days, haven't you heard? Back in 2005, an expensive suit was a sign you'd made it. But that was then. "Now, with public sentiment against financial institutions still high, racks of expensive Italian beauties languish in shops across the country," the Times reports. In other words, modesty is in; flashiness is out. If that isn't enough to help you decide whether an outfit reflects this new pared-down aesthetic, think of it this way: Avoid anything that Lapo Elkann might wear. After the jump, the international playboy and Fiat heir will show you how not to dress in these unpretentious times.

Is the banker suit dead? Yes, according to the same guy that NYT fashion trend story reporter David Colman has quoted four times:

The 60 Minutes profile on Vogue editor Anna Wintour runs this Sunday. The publicity push is underway! We've learned who gets quoted in the upcoming segment—everyone else is screwed and unimportant:

• Believe it or not, but some celebrities have been forced to wear the same outfit twice now that we're in the middle of a recession. Or (like Lindsay Lohan, left) they're now passing their hand-me-downs to family members. Sad times, friends, sad times. [NYDN]
• A preview of the 60 Minutes segment on Anna Wintour (which airs Sunday) is online for your viewing pleasure. [NYM]
• Phillip Lim is expanding into bathing suits, shoes, and lingerie. [Pipeline]
• A visit to Betsey Johnson's house in East Hampton. [Hamptons.com]
• Matthew Williamson's second H&M collection hits stores tomorrow. [Racked]
• Catfight! A roundup of fashion's biggest feuds ever. [TDB]

Anna Wintour appeared on stage last night at the 92Y with hotel mogul (and occasional talk show host) Jonathan Tisch playing the role of interviewer. The Vogue editor was quite the draw: Before the event, some people had supposedly offered hundreds of dollars to get their hands on tickets to the sold-out talk, and one woman waited outside for more than two hours in the hopes of getting in at the last minute. (Some kind-hearted person took pity on the lady and gave her a ticket intended for a friend who didn't show up.)

• Photog Todd Selby has a fab set of photos taken inside Julia Restoin Roitfeld's Noho loft. If you've ever wanted to take a look at her expansive shoe collection—or peek inside her medicine cabinet—now is your chance. [The Selby]
• Sir Philip Green is still looking to establish another Topshop outlet in NYC. Where, exactly? "Basically, anywhere H&M has a store." [NYO]
• Marc Jacobs and Lorenzo Martone won't be moving into their new $13 million townhouse for awhile. The house is a "shell" and doesn't even have walls yet and will take a year to renovate, says Jacobs. [NYM]
• J.Crew's new men's-only store opened today. [Style.com]

In her latest video, Cutrone declares the headband trend dead, although the "Michelle Obama bringing back Camelot" head kerchief is totally hot. And you should make sure you've buried your cowboy boots in the back of the closet and have you have your collection of open-toed shoes ready for summer. And what is Kelly, herself, wearing while she says all this? Cowboy boots, of course. As she explains at the end of the video, being totally out of style is totally in style, and "pretty much everything I just said is now cancelled."