Emma Stone's Bra Stars on the Cover of W

Emma Stone’s new cover of W has leaked. Juergen Teller was the photographer, which explains the overexposed-looking final result. Stone is wearing a bra as a top; shock me, shock me, etc. [Styleite]

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Lanvin creative director Alber Elbaz is collaborating on a line of makeup with Lancôme. The collection is set to launch this summer. [YouTube]

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The Proenza Schouler brand finally grew up and submitted to the discipline of seasonal ad campaigns. This, shot by David Sims and featuring models Julia Nobis and Irina Nikolaeva, is the brand’s first real campaign. It will run Vogue, Harper’s Bazaar, and W, as well as titles like Love, Pop, and Purple. [WWD]

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Bottega Veneta’s spring campaign stars Freja Beha Erichsen. It was shot by Peter Lindbergh. [Racked]

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DSquared2’s Dean and Dan Caten are launching a line of licensed children’s wear. They released this adorable childhood photo of themselves with the announcement. [WWD]

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• Beyoncé may have shot an H&M campaign in the Bahamas. One of the star’s backup dancers Tweeted, “First day of trial in the Bahamas! H&M all set … go,” and some paparazzi photos from last week show Bey in the Bahamas on the set of…something. The Tweet has been deleted and neither the singer nor the clothing company would comment. [People]
• Oops. Bernard Arnault’s bid for Belgian citizenship may be backfiring. The Belgian public prosecutor has opened a preliminary investigation into Louis Vuitton Moët Hennessy’s Belgian business, a level of scrutiny that Arnault likely does not welcome. The prosecutor also went on record opposing Arnault’s citizenship application on the grounds that he hasn’t lived in the country for three years — an opinion that the Belgian immigration authorities seem to share. Arnault has denied that fear of future rises in French income taxes is a motivation for his decision to seek a second citizenship, and says that he will remain a fiscal resident of France regardless of the outcome. But Women’s Wear Daily points out that Arnault may be “seeking to protect his empire from being broken up after his death by benefiting from more favorable Belgian inheritance tax laws.” [WWD]
• “Are Brands Overusing the Word ‘Heritage?'” If you have to ask… [Fashionista]
• The Ecco Domani Fashion Foundation has named its annual winners. The emerging New York designers who will each receive $25,000 ahead of their fall-winter shows are: Ryan Lobo and Ramon Martin of Tome, Ian Velardi, Deborah Pagani, and Susan Woo. Past recipients of the award include Proenza Schouler, Rodarte, and Prabal Gurung. [WWD]
• Kanye West visited the headquarters of French brand A.P.C., fueling rumors that he is engaged in some kind of fashion collaboration with the company. [MTV Style]
• Swatch bought Harry Winston for $750 million and the assumption of up to $250 million in debt. [WWD]
• Shares in global fashion sourcing giant Li & Fung lost over 15% of their value in trading after the company issued a profit warning, saying that its 2012 full-year profits will likely be around 40% less than 2011’s. [WWD]
• As the search continues for the small plane that was carrying Missoni C.E.O. Vittorio Missoni, his wife, two friends, and two pilots when it disappeared near the remote Venezuelan island of Los Roques, the Venezuelan military says it has now pinpointed the moment where the plane suddenly began to lose altitude. The water below is around 2,000 meters deep, which is too deep for the search instruments the team currently has at its disposal. [La Repubblica]
• The licensed line of maternity wear that bears the Jessica Simpson brand is expanding and will be in 800 stores by the end of spring. [WWD]
• And now, a moment with Marc Jacobs. Marc, how do you feel about journalists?
• “There are very few, and I don’t mean this in a bitchy way, journalists who I respect. I don’t think a lot of them know what they’re looking at. I don’t sometimes feel the criticism is valid. I’m fine with constructive criticism but I’m not so good with stupidity. It’s one thing to say ‘I like or I don’t like’ but to misread or mislabel something or to be out of sorts because it was raining, or a late show or you were hungry. That just all feels not valid.”
• Jacobs, who went to rehab for heroin and cocaine addiction, also describes himself as “mostly sober”:
• “Yeah, maybe I have had a glass of wine or a couple of whiskeys. Maybe I’ve smoked a joint or something like that. Or other things, but I’m mostly sober.”
• [WWD]