It's good to be Rachel Roy at the moment: The mother of two—daughter Talullah was born just a month ago—is now selling a 50% share in her eponymous fashion company to the Jones Apparel Group, the fashion behemoth that controls Nine West and Anne Klein, among other lines. Roy's label, popular with youthful socialites and the occasional celeb, was founded a few years ago with backing from the designer's rap mogul husband Damon Dash. Now it will now go into major expansion mode with new lines like shoes and perfume, freestanding stores, and even a diffusion line for women who, tragically, don't have $1,000 to spend on a dress they'll wear once.

Rolling Stone, America's most frustrating magazine (yay, Matt Taibbi; boo, excruciating music coverage) has been having some trouble selling ads lately. So to help revitalize its "iconic and revolutionary brand," the magazine has slapped some of its classic covers on t-shirts. They're for sale at Macy's for $36 each. Eh, not really worth it. Oh, wait: each shirt comes with a free subscription to Rolling Stone. Eh, still. Better idea: make the magazine better so it sells. "The new collection of Rolling Stone tees appeals to today's cross-channel lifestyle, bringing together the influences of fashion, music, celebrity and entertainment," says a Macy's exec. "Macy's is honored to be exclusively bringing back these covers in a new, wearable way." OH NOW I GET IT. [via Ad Age]

The British clothing mecca owned by billionaire retailer Sir Philip Green and adored by fashionistas is coming to New York, as you've probably heard. Green released a few new details today: The 40,000 square foot, four-floor space at 478 Broadway (between Broome and Grand) will open in October. Expect throngs of hysterical shoppers including established devotees like Chloë Sevigny, Liv Tyler, and Gwyneth Paltrow—who will be catered to in a planned VIP suite, natch. [WWD]

After feted collaborations with Isaac Mizrahi, Jack McCollough and Lazaro Hernandez for Proenza Schouler, Erin Fetherston, and Jovovich-Hawk, Target just announced its latest high-end partnerships: Anya Hindmarch is creating handbags for the chain and Sigerson Morrison a line of shoes. Looks like even the most outer borough-phobic Manhattan women will be making trips to Brooklyn. [WWD]

The media is having a little trouble getting the story straight on Barack Obama: Just a week after his and Michelle's fist pump—which most commentators deemed an adorable gesture of affection, but which always-gentlemanly Fox News anchor E.D. Hill slammed as a terrorist fist jab—nobody can agree on whether he's the poster-boy for stylish dressing or an absolute fashion disaster.

With impeccable timing, PETA has launched its latest offensive in the midst of a monstrous heat wave, when not even the most devoted fur wearer would go near a pelt. The loony animal rights agitators—who have gone after Anna Wintour, Kimora Lee Simmons, and Diane von Furstenberg in the past—are now training their attention on the Olsens. For the twins' upcoming 22nd birthday, people are urged to send human hair as a gift, "since they seem to be in such dire need of extra hair on their bodies." Because they're skinny, get it? We preferred the last stunt—when Donna Karan "would eat bunnies raw if she could."

You'll be kicking yourself for missing this party in an LA American Apparel store last Friday. It was not just an event in honor of gay pride; it included a contest to "win" a chance to "Show Your Stuff" in an American Apparel ad. "Winner chosen @ Stallion after party." Isn't that how it always turns out? Dov Charney continues to find new and innovative ways to trick dudes and girls alike into helping him skeeve out the world. The full flier, with NSFW lime green underwear shot, after the jump.

Harper's Bazaar editrix Glenda Bailey visited Buckingham Palace last Wednesday when she was awarded an OBE (Order of the British Empire) for her "contributions to journalism and fashion." Unfortunately, the designation doesn't enable her to call herself a Dame; on the plus side, it's one honor that Anna Wintour can't claim. [WWD]

Rumors of his label's demise are proving a big boost to Heatherette's Richie Rich. He's just signed on to do his own line for mall punk chain Hot Topic, and now Madonna's come calling. "Liz Rosenberg, her publicist, just contacted us and said that she wants us to come up with some sketches, some ideas and some inspirations for her tour," said Richie. Sounds like a match made in spangly gay heaven. [Fashionista/MTV]

At left is the launch of internet gossip monster Perez Hilton's clothing line at Hot Topic in Hollywood last night. Aw, poor Perez. No one showed up to meet him! An eyewitness reports: "Some freaky lil employee with a handful of wrist bands asked if I wanted to meet Perez Hilton at 6pm! I was like NO, I just ate. NO one wanted wrist bans [sic] it was kinda funny." More photos of the sad, sad, sad event after the jump.

An amazing, real item on sale at K-Mart now: "These athletic pants boldly proclaim just where she stands by pointing out that 'True Love Waits' in a large screen print on the front and back of these pants." Abstinence: It's right there on her ass. Click through for the colorful varieties you can order for your teenage daughter:

Lauryn Flynn, longtime director of celebrity relations at Calvin Klein, Lindsay Lohan BFF, and ubiquitous girl about town, has left CK to start a fashion company with her friend Sean Avery, who's the only person in the world to have parlayed hockey stardom into a Vogue internship. [Fashion Week Daily]

If Heatherette designers Richie Rich and Traver Rains stop working together, per persistent rumors, who will get custody of their celebutante muse, Lydia Hearst? She's been dating Rains' pilot brother, Matt, but is hosting a party tonight for Rich's new solo shoe line. Such a dilemma might be stressful to some, but luckily Lydia doesn't give the impression of worrying about much beyond what color hair dye to use. [Fashionista]

After using Maggie Gyllenhaal in last year's ads, British sexy underwear label Agent Provocateur are again looking at New Yorkers for this fall's campaign: Helena Christensen and Paz de la Huerta are in the running. Modeling lingerie would be an appropriate gig for the occasional actress and Zac Posen muse, considering her rep for impromptu drunken stripteases. [WWD]

Last night the 26th CFDA Awards were held at the New York Public Library, MC'd by Fran Lebowitz and hosted by CFDA chairman Diane Von Furstenberg, who, like many attendees, wore YSL in tribute to the late designer. The big winners? Calvin Klein designer Francisco Costa was presented the award for womenswear by Maggie Gyllenhaal (in Jack McCollough and Lazaro Hernandez's Proenza Schouler), Victoria Beckham (in Marc Jacobs) and Eva Mendes (in Calvin Klein). Kim Cattrall presented the award for menswear to Tom Ford.

Tom Ford is using nudity in his advertising! Hard to believe, I know. Mr. Ford may be one of the world's most influential designers, but his latest ads have largely completed the evolution from provocative to simply boring. Which is a difficult stunt to pull off, considering the subject matter. But these three spots, starring Brazilian Alex Schultz, are so in-your-face that they lose the sense of allure which should, ideally, accompany any fashion ad—penis-showing or otherwise. Also hard to pull off when using naked people: making your target audience think about clothes. See the disconnect there? We're ready for the cultural needle to swing back towards fully clothed models, thank you. After the jump, the three ads—which are all, predictably, NSFW.

As though awful reviews everywhere and horse jokes in the New Yorker were not enough, Sex And The City star Sarah Jessica Parker also has to contend with infidelity on the part of her dressmaker. Designer Olivier Theyskens of Nina Ricci assured Parker no one else had publicly worn the dress he provided her for the New York premier of the Sex movie. Whoops: Turns out socialite Lauren Santo Domingo had warn it to the Met ball less than a month earlier — and Theyskens had accompanied her and posed for pictures. Also, Linsday Lohan was photographed by "throngs of paparazzi" in the dress while wearing it for a Harper's Bazaar shoot. Cathy Horyn at the Times broke news of the Santo Domingo overlap — her commenters tracked down the Lohan shot — and Parker was not happy:

Pioneering fashion designer Yves Saint Laurent, who famously wove everything from pants to peasant clothes to leopard prints into the everyday wardrobes of women, and who adroitly evolved his designs over several decades, died in Paris of unknown causes. He was 71. Laurent "had been ill for some time," according to Agence France-Presse. The hugely influential designer retired in 2002. The cause of death has not been released, but according to the BBC, "Yves St Laurent suffered mental and physical ill health for much of his life and he appeared in public only rarely." The Times obit concludes with this quote: "I have known fear and the terrors of solitude. I have known those fair-weather friends we call tranquilizers and drugs. I have known the prison of depression and the confinement of hospital. But one day, I was able to come through all of that, dazzled yet sober." [AFP, Times]

Oh man. Not only are the ladies of Sex and the City shallow and screechy and four years older, the fashion icons can't even dress themselves anymore! "[I]n the film the characters are now four years older and, in a disappointing way, their styles appear to have changed into one: the offbeat, orgiastic, do-it-yourself madness of Carrie, the dominant female. It is not only that they now dress alike. In every scene the women are practically coordinated by both color and style, as if they had received a morning memo detailing the day's dress code. Let's all wear primary colors to a jewelry auction! Let's all wear psychedelic hippie dresses on a trip to Mexico! Let's all wear smart black-and-white ensembles and fur coats to a fashion show!"

Sharon Stone has finally apologized for her "inappropriate" comment that the recent massive Chinese earthquake was a product of "bad karma" for the country for its treatment on Tibet. She's sorry, okay! Nevertheless, fashion house Christian Dior announced that it's pulling all of its ads featuring the actress from all department stores, and the entire country of China. Though the comment itself was stupid, Stone's hasty retreat from her brash Tibet-championing—and Dior's even harsher public rebuke of her—are a great illustration of what is becoming the New China Rule: "Do Not Talk About The New China Rule." It's been de rigeur for top stars to prove their class by endorsing luxury brands, and to prove their morality by pontificating about Tibet. But guess what: pretty soon you're going to have to pick one or the other, Hollywood. And it's not looking good for the Dalai Lama.