Several reviews of Bravo's Project Runway ripoff, The Fashion Show, pointed out that the challenges seemed to be considerably more difficult that the ones asked of contestants on Runway. There's no doubt about that! On the next episode of the Isaac Mizrahi-hosted series, aspiring designers have to put together an outfit for Tinsley Mortimer—on a budget of $40. A preview of the episode—featuring a stilted performance by the Tinz herself—is above.

• Are Americans finally shopping again? Maybe. Retail sales were up slightly in April. [NYT]
• Gucci has filed a trademark infringement lawsuit against Guess? Inc. [BN]
• Alessandra Stanley's Times review of Bravo's Project Runway-ripoff, The Fashion Show, featuring Isaac Mizrahi, Kelly Rowland and Fern Mallis, wasn't especially favorable. [NYT]
• Agy Deyn is now pitching bottled water. [Sun]
• Leigh Lezark is the new face of Mango. [Nylon]
• Michelle Obama wore Michael Kors—not Alaïa—to the Time gala the other night. [FWD]
• If you've ever wished you could meet Adriana Lima dressed up as "a modern-day Cleopatra," you'll get your chance this Saturday. [NYM]

Unless you've been sequestered at a religious retreat/padded cell/otherwise media-free zone for the past month, you'll know that The Fashion Show, Bravo's knockoff of Lifetime-bound Project Runway, is debuting next week. And like a replacement child born after the tragic loss of its sibling, Bravo's new baby will struggle to escape comparisons to its beloved predecessor, especially since it's been molded so faithfully in the other's image.

• The Costume Institute Gala is a mere five days away. Fashion Week Daily has a roundup of who's going, who isn't, and what everyone will not be eating. (Chicken, in case you were wondering.) [FWD]
• The Observer on Alexandra Kotur, the "Viscountess of Vogue." [NYO]
• It seems some women are so addicted to the discount designer site Gilt Groupe that they're practically going bankrupt buying stuff they really don't want or need. [TDB]
• It's official: Madonna is attached to Louis Vuitton's new ad campaign. [Grazia]
• Isaac Mizrahi rang the closing bell at the New York Stock Exchange yesterday. The market has been having a surprisingly solid week so far. Could the two be connected? We'll say yes, if it's okay with you. [Facebook, WWD]

Chanel hosted a dinner to celebrate the Tribeca Film Festival at Odeon last night, where the guests included Adrien Brody, Robert De Niro and Grace Hightower, Craig Hatkoff and Jane Rosenthal (with daughter Juliana), Moby, Debra Messing, Fabiola Beracasa, Julia Restoin Roitfeld, Mary-Kate Olsen, Diane Kruger, Celerie Kemble, Kerry Washington, Viola Davis, Matthew Modine, Angela Lindvall, Heidi Mount, Poppy Delevigne, Alexis Bledel, Danielle Steele (with daughters Victoria and Vanessa Traina), Dree Hemingway, Drena De Niro and Carlos Rodriguez, Henry Cavill, Melissa Leo, Molly Shannon, and Grace, Mamie, and Louisa Gummer. [PMc, Wireimage, Getty, FWD]

Graydon Carter, Robert De Niro, and Ron Perelman hosted a Vanity Fair-sponsored dinner at the State Supreme Court House last night to celebrate the opening of the Tribeca Film Festival. They were joined by Carter and De Niro's wives (Anna Scott Carter and Grace Hightower) and Tribeca Film Fest co-founders Craig Hatkoff and Jane Rosenthal, as well as a long list of guests, including Bono and Ali Hewson, Kanye West, Diane von Furstenberg, Jared Kushner and Ivanka Trump, Tory Burch and Lyor Cohen, André Leon Talley, Fran Lebowitz, Spike Lee ... (continued)

• Mayor Bloomberg has pronounced it "Sparkle Week" in NYC as part of an effort to give a boost to the jewelry industry. They sure could use the help: Retailers in the Diamond District report that sales have dropped by more than 50 percent over the past year. [NYM, Crain's]
• Jil Sander's new Madison Avenue store has opened its doors. [Racked]
• Lauren Hutton was injured while surfing a couple of weeks ago, but she's still hoping to make it to the Costume Institute ball. [NYM]
• Is Chloe Sevigny single-handedly trying to bring back the sandals-and-socks look, or was the combo of sun and booze at Coachella to blame? [Frisky, JJ]

• The Obamas headed over to London today on their first trip overseas since Barack took office and the big topic of discussion is Michelle's wardrobe, of course: She was wearing Thakoon as she boarded the plane, but she emerged in a Jason Wu dress when she got off. But tomorrow she meets the Queen, so expect things to really get crazy. [NYM, SW, Style.com]
• Kate Moss will cut the ribbon at the Topshop opening on Thursday, naturally. [WWD]
• Tips on surviving the big opening from your pals across the pond. [Guardian]
• Richard Chai may be the new creative director at Bill Blass. [FWD]
• Agent Provocateur just launched its new swimwear collection. [Pipeline]

• Today in silly celebrity brand extensions: Kim Kardashian has a "budget-friendly shoe club," Avril Lavigne's first scent debuts this summer, and Nicole Richie's new jewelry line sold out before it even arrived in stores. [SW, WWD, SW]
• Several racks of clothing have already materialized at Topshop! [Racked]
• Calvin Klein made a cameo on 30 Rock last night. [Fashionologie]
• Michelle Obama is the new Carrie Bradshaw, says Isaac Mizrahi. [MB]
• Have you ever wished that Joe Zee would finally document every food item he consumed over the course of the week? You're in luck. [NYM]
• Don't bother asking Michael Bloomberg about his fave footwear. Ask him about his shoes and he'll tell you they're "probably Paul Stuart," but he's "had them a long time," so he really has "no idea." [FN]

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.

• 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]

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.

• Jason Wu's Fashion Week show will be the second-hottest ticket in town right behind Marc Jacobs. [NYO]
• Isaac Mizrahi's debut collection for Liz Claiborne is now online and up for sale. [Fashionista]
• Not everyone is excited about Fashion Week moving to Lincoln Center. Like Anna Sui. [NYM]
• Anna Wintour is styling Adele for the Grammys. [NYM]
• Football player Stewart Bradley is interning at Elle. [Fashionista]
• Eric Wilson explains the difference between Hello Kitty and Barbie. [NYT]

Ever wish you could hear Isaac Mizrahi stress the importance of style and remind you of your own mortality every time your cell phone rang? You can! Click on the photo to your left to download the unofficial Mizrahi ringtone, which features Isaac at his most philosophical. (You'll find instructions on how to set it up on your phone here.) And remember: "Style makes you feel great because it takes your mind off the fact that you're going to die." Previous ringtones: Padma Lakshmi, Anna Wintour, Andre Leon Talley, and Bernie Madoff.

• Valentino didn't lose money in a giant Ponzi scheme. He did, however, just lose $39 million to the government of Italy. [NYM]
• Neiman Marcus is laying off 375 staffers. [WWD]
• That giant Forever 21 in Times Square? It's actually going to be a Century 21. [Reuters]
• Disney and Sephora have lots in common. [NYT]
• Liz Claiborne is expected to report big losses for the fourth quarter. Isaac to the rescue! [WSJ]
• Alas, no bar is planned for Topshop. [Racked]
• Annie Leibovitz was spotted at the Hay-Adams in DC yesterday, suggesting Michelle Obama could be on the cover of March's Vogue. [Politico, via]

• Vivienne Westwood may have designed Carrie's wedding dress for the first Sex and the City movie, but she'd like to write the script for the sequel, and she's even written to Sarah Jessica Parker to make her case. [Telegraph]
• Tracy Feith is the latest designer who has been tapped to do a line for Target. [WWD]
• Fern Mallis says IMG has confirmed 52 designers— including Calvin Klein, Donna Karan and Michael Kors—for Fashion Week in February. [WSJ]
• Marchesa will be showing, too. [Fashionista]
• Photos of Isaac Mizrahi's new collection for Liz Claiborne. [Pipeline]
• Go alert your mom: Carolina Herrera says long hair after 40 is "out" in her book. "Women need to learn how to age gracefully." [Times UK]

Liev Schreiber and Naomi Watts shopping at the Whole Foods on East Houston ... Matthew Broderick walking with son James down Seventh Avenue ... Isaac Mizrahi strolling down Sixth Avenue last night with his boyfriend Arnold ... Carl Bernstein walking with wife Christine Kuehbeck and her giant umbrella ... Katie Holmes talking on her cell phone outside her apartment building ... and Brooke Shields walking downtown.

Isaac Mizrahi gave this talk at TED—the annual conference for elites from technology and design—back in February, but the video was only posted this week. If you have some time today, you can listen along as he explains his insomniac lifestyle, how he occasionally follows random people around New York, and why he's obsessed with men who happen to be named Eric. [TED.com]

♦ 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]

Isaac Mizrahi appeared on CNN yesterday to promote his new book, How to Get Style. When a CNN anchor asked the designer about how the First Lady fashion has evolved over the years, Mizrahi used it as an opportunity to gush about how fabulous it will be to have Michelle Obama in the White House: "The First Lady that I'm thinking about is a smart and stylish person," he starts. "I don't think it's a moment to be flashy and way glamorous if you're the First Lady, but I don't think Michelle Obama will disappoint. She's going to be gorgeous." And how about Cindy McCain? Isaac has no interest in even contemplating such a horrible thought, thank you very much. Video after the jump.