• 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]

• Sign of the times: Henri Bendel plans to stop selling clothing this summer and will focus instead on accessories and beauty products. The Fifth Avenue flagship is giving up one of its three floors, and the company is cutting 8 percent of its staff, too. [NYT]
• More cheerful news: Save Fashion, the pop-up shop at the Port Authority Bus Terminal, makes its big debut tomorrow. [Save Fashion]
• The Jimmy Choo sample sale today was kind of crazy. [Racked]
• Beauty treatments you can do at home for cheaper. [NYDN]
• Padma Lakshmi talks jewelry as she gets set to debut her own line. [WSJ]
• A preview of Matthew Williamson's second shipment of clothes for women and his first batch of clothing for men. [NYM]

• The city is accepting proposals from restaurateurs interesting in taking over Tavern on the Green. Be advised you may have to do battle with current owner Jennifer Oz LeRoy, who has vowed to hang on to the landmark eatery. [NYO]
• Shang's Susur Lee earns a two-star review from Adam Platt this week. [NYM]
• Lunetta on Broadway and 21st Street has closed after 15 months. [Eater]
• Kyle Bailey is replacing Neil Ferguson at Allen & Delancey. [NYT]
• Yet more tax trouble for the Cipriani clan. [NYP]
• Mega-restaurateur Stephen Starr, Alto owner Chris Cannon, and broker Steven Kamali on the troubles facing the city's restaurant economy. [NYT]
• Another ex-Hawaiian Tropic hostess is suing for sexual harassment. [NYDN]
• Mention the word "bailout" at the Chocolate Bar at Henri Bendel between now and the end of the month and you'll get a free brownie. [New Yorkology]

♦ Henri Bendel updated its window display this morning to account for the results of the election: "The cocktail-dress-wearing mannequins have been moved over to the blue polling booth, someone cracked a bottle of champagne (and drank it, leaving an empty bottle and glass), and there's a strange, lipstick-edged cake on the floor." [Racked]
♦ While most of the country was consumed by election fever, some fashionistas were all ready en route to support an equally important issue: Brazilian swimwear! The Claro Rio Summer show kicks off in Rio today, and Zani Gugelmann, Amy Sacco, Fiona Scarry, Natalia Vodianova and Justin Portman, and Michael Roberts are all there. [CR, CR, stylefile]

♦ Unlike the Marc Jacobs store window in LA, which is mocking Sarah Palin, Henri Bendel's display is bipartisan, with mannequins flanked by red and blue polling booths. In more other Marc news, you can add his "Rock and Roll Circus" holiday party to the list of festivites that have been cancelled due to the economic downturn. [WWD, WWD]
♦ Madison Avenue is "pockmarked" with vacant storefronts, reflecting "sky-high rents and how cautious and dollar-conscious European and American brands have become in their expansion plans." [WWD]
♦ Donna Karan is opting not to spend money shooting an ad campaign for spring '09; instead, the company will just use images from the runway show. If this is going to be a trend, models and photographers might want to consider a side job. [The Cut]