Rappers have been dropping brand names in their lyrics for cash for years; it's tasteless, but widespread. But why would you turn a memorial track for your dead friend into a Coogi ad?

This isn't the best time for a socialite to be pitching a high-end lifestyle brand. But you can't blame Tory Burch for trying to remake her image to suit the current economic climate. Burch, who is now preparing to introduce her line to British shoppers, "has created the go-to brand for affordable luxury" and is now a "portal to accessible chic," reports the Sunday Times. And she expects her line to continue to grow as hedge-fund wives "downgrade from Hermès and Halston." "We have a lot of designer customers shopping in our stores who think of us as their Gap," Burch explains. As for her high-profile split from ex-husband Chris Burch and the handful of men she's been linked to since then (including Lance Armstrong, Ron Perelman, and Lyor Cohen), don't think for a minute she's been pleased to see her name in the news:

• More on the clothes and behind-the-scenes drama at Milan Fashion Week. [IHT, Reuters, Telegraph]
• Pop magazine has a new editor: Dasha Zhukova (left), Russian fashion/art "It" girl and girlfriend of billionaire oligarch Roman Abramovich. The new editorial board includes the likes of Julia Restoin Roitfeld and Daphne Guinness. [Guardian]
• Oscar dress knockoffs are headed your way, naturally. [NYP]
• Pamela Anderson, who stars in Vivienne Westwood's new ad campaign, will walk the catwalk for her in Paris next week. [Vogue UK]
• McQueen for Target doesn't appear to be selling all that well. [Racked]
• The woman believed to be the highest-grossing saleswoman in Saks' history is now on trial and is facing up to 25 years in prison. [NYT]
• Anna Wintour smiled in Milan today. Really. [FWD]

Given the impact she's had on the fashion industry—"Our shining hope for the future!" says Isaac Mizrahi—you won't be surprised to hear a Michelle Obama style guide is coming out in a few weeks. Glamour has a few pages from Michelle Style: Celebrating the First Lady of Fashion, which comes out on May 5 and features "designer sketches, interviews, and style tips" by the likes of Carolina Herrera, Sonia Rykiel, Jason Wu, Catherine Malandrino, Tommy Hilfiger, Behnaz Sarafpour, Isabel Toledo, and Tory Burch. "Michelle Obama is a true independent. She isn't locked into wearing couture or super expensive clothes," explains Nicole Miller. (She is, however, locked into wearing whatever happens to be carried by Ikram Goldman's store in Chicago, but that's another story.) A few sample pages are below.

• 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]

That big Yves Saint Laurent art auction certainly has saved the art world. By proving that the dumb money is still out there. That $28 million chair was just one of the craziest buys:

• Moises de la Renta—son of Oscar/ex-Phat Farm intern—is launching a clothing line. It's called MDLR; no points for figuring out what that stands for. [SF]
• Kevin Federline is launching a children's clothing line. He's currently attending a trade show in Las Vegas "in the interest of research," in case you happen to be looking for him. [WWD]
• Jenna Jameson is launching a fragrance. [NYDN]
• Michelle picked Narciso Rodriguez for Barack's speech before Congress. [SF]
• Roberto Cavalli isn't skipping Milan Fashion Week completely. And Victoria Beckham's headed to town, so the week is shaping up nicely. [FWD, WWD]
• A roundup of the worst fashion choices from The City! [Pipeline]

It's hard for the rich to find good, expensive things to spend their money on these days without causing a populist uproar. So a $28 million chair is, like, perfect!

• 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]

Professional designer and amateur writer of excruciating ad copy Kenneth Cole knows times are tough as leather. Maybe it's not fashion-able, but he's optimistic America will design a solution to sew up all these problems!

Evening! The celebrities are stumbling down the red carpet into the Kodak Theater for the Academy Awards right now. Keep checking here for updates on all the fashionz. Also, someone please smack Ben Lyons.

Shameless flirt that he is, Morley Safer wasn't above flashing a little leg Friday to soften up Anna Wintour before 60 Minutes' cameras started rolling. Blake Lively maybe got a little jealous:

• 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]

Olivia Palermo turned up a few minutes late to the Mulberry show at Soho House the other day and missed the first few minutes of the presentation. But the company quickly came up with a solution! "The young star was able to get her own private viewing of the new collection. According to an insider, 'she was so gracious and happy that she could catch the full show.'" We never thought we'd see Palermo's name in such close proximity to the words "gracious" and "happy," but there's a first for everything. [InTouch]

Fashion Week is finally coming to a close. Click through for a final recap of the shows, parties, and gossip from the past day or two.

You may want to take a seat for this one. You know those blog entries that Giorgio Armani has been writing for the New York Times website? Well, it seems the 74-year-old billionaire designer has not been going home to his Central Park West penthouse every night this week, turning on his laptop, and churning out flawless copy—in English, no less—all by himself. He's had a bit of help, which the Times's Eric Wilson casually pointed out today when he mentioned the pieces are "as told to J.J. Martin, a freelance journalist," but which nonetheless sent the absurdly literal gals over at Jezebel into a tizzy:

Lots of people at Fashion Week are pretty and/or glamorous and, sigh, we'll never be like them. But at least we can look at them. In a gallery, after the jump.

Comedian Sascha Baron Cohen's outrageous gay Austrian character Bruno recently made his own movie, in which he makes fun of the fashion industry. Curious about who got got? Fashion Week Daily has the answers.

While Stylista failed to thrill viewers or indeed expose anything about real life at Elle—we'll see if Marie Claire's soon-to-debut effort in the same vein, Running in Heels, does any better—the show did make a minor celebrity out of the mag's fashion news director, pretend Ice Queen Anne Slowey. Anne, along with her new puppy, Edie (after Sedgwick, like Leigh Lezark's dachshund, or Beale?), shares her fashion week opinions with Elle.com, the most important one being the answer to that perennial dilemma: Should one wear a designer to his/her own show? "As a rule, no. Certainly, never a full look. Maybe a piece if it's not too obvious. But never change from one show to the next. That looks old-school and ridiculous, and you run the risk of looking like you work there." Advice to take to heart unless, of course, you actually want to give the impression that you work for a designer.