• More on the winners and losers—both at the dinner and on the red carpet—at last night's CFDA Awards. [NYT, FWD, Cut, TDB, Pipeline]
• Not surprisingly, the powers that be at Calvin Klein aren't the least bit displeased by the new controversy surrounding their not-so-new ad campaign for the company's jeans line. [Cut]
• Say it ain't so: Britain's Mirror reports Agyness Deyn is "quitting modeling and New York and coming home to concentrate on her acting career." [Mirror]
• Because he's willing to do whatever it takes to ensure you see his movie when it comes out, Sacha Baron Cohen appears in the buff on GQ's new cover. [GQ]

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.

Remember Lapo Elkann, the grandson of the Italian industrialist Gianni Agnelli and the man at the center of one of Europe's most spectactular tabloid stories in 2005? The Fiat heir decamped to New York to escape the limelight after he became a gossip fixture, which is generally what happens to the sons and daughters of the powerful and wealthy when they're picked up at the home of transsexual prostitutes and then taken to the hospital for cocaine and heroin overdoses. Lapo spent some time in rehab in Arizona before moving to New York (where his "aunt" lives, Diane von Furstenberg!) and resuming his business career, which now consists of designing things like pairs of sunglasses that sell for $1,400. The Observer's Spencer Morgan checks in with him today and skirts the drug and not-so-hot tranny mess and focuses on his love for—what else?—Israel!

Sure, it would be easy to read the Observer's profile of Fiat heir Lapo Elkann and get all ladyishly offended. Lapo does seem have that noblesse oblige thing going on, especially when it comes to his dealings with the fairer sex! Seriously, what kind of guy sits down to an interview, checks out the waitress, and says, "Usually this place has ugly waitresses, but this one is a very delicate and elegant one, I must say"? But maybe that's just Lapo being... refreshingly honest! Uh oh... what is this feeling? Do I actually have a crush on a Euro-jerk with an anchor necklace who characterizes his conquests as like "flowers in a vase—they need to be changed every couple days"? Dad, why were you not around more when I was little?