Annie Leibovitz has taken some of the most famous images of our time, and her name is still a byword for prestige photography, both glam and artistically credible. As the longtime partner of Susan Sontag, she occupied the rareified echelon of "respectable supercouple." As the in-depth story by New York magazine's Andrew Goldman tells it, she was generally thought to pull down astronomical fees for Vanity Fair and Vogue and be well-set with royalties, to say nothing of her successes in NYC real estate. In short, in a lot of ways she seemed like a definition of modern success.

It's always confusing when people who are really rich - or could be - go bankrupt. How do they manage it? We think. Sure, it's well known that Leibovitz struggled with addiction for years - being Rolling Stone's head photographer in its heyday couldn't have helped - and she's also a notorious perfectionist, whose shoots are legendarily expensive. But still, she wasn't someone purely at the mercy of the market's vagaries, but someone talented, and with her drug habit licked and what seemed like a stable family life, this level of excess just feels...confusing. Well, as the article details, she was just a bad businesswoman: extravagant, imprudent, generous, stubborn, alternately greedy and unworldly, and bad about getting maximum money from her achievements. She was also one of many who lived on credit and didn't expect it all to come crashing down. Says Goldman,

It's impossible to account for all of Leibovitz's line-item expenses, but as surprising as it may be to outsiders, she was clearly spending beyond her means. One close associate of Leibovitz's theorizes that she identified too much with her subjects. "Photographers aren't professional athletes, recording artists, or supermodels," the source says. "Compared to 99 percent of the world, she makes a vast fortune. The problem occurs when a person becomes so famous that they start feeling that they're more in line financially with Oprah or Madonna."

Um, okay, but to the rest of us, that hardly cuts it. She still had much, much more money than even the average celebrity photographer. And $24 million in debt is hard to rack up. So there's the usual incredulity that accompanies these stories of excess. But in this case, maybe there's more: there's a disappointment that's actually quite unfair and has nothing to do with Annie Leibovitz the actual person. I would never have realized it before all this, but Leibovitz was someone whose life I sort of looked up to. Not just for the work, but because, if I'd stopped to analyze it, she seemed to have it figured out. Even in the tragic aftermath of losing her partner, she seemed like a definition of true success, someone who seemed to have the magic combo of artistic and financial symbiosis. And I'm sure, in some way, her sex and her sexuality played into this: she was someone who'd earned the right to live as she wanted, and as such she was an inspiration and a pioneer. That's unfair of course, as all such un-asked-for pressures are: Leibovitz was, I guess, allowed to be as bad with money and extravagant and cut off from normal concerns as any rich person. I know this, and yet I feel an extra disappointment: another one bites the dust. Another person whom we didn't know, but whom we decided to project onto as a sign that it could be done, is fallible in the same way so many people are. And money's no security from anything.

How Could This Happen to Annie Leibovitz? [New York]

• One of Annie Leibovitz's Louis Vuitton ads with astronauts Sally Ride, Buzz Aldrin, and Jim Lovell is out. (Gorby was busy that weekend.) [WWD]
• Karl Lagerfeld: "Ballet is an extraordinary art: this torture of the body to make something so graceful. All this hard work, to look effortless."

• "Swans, they are the meanest animals in the world, you know. I had problems with them as a child. They hate children. I was caught by one, so I know. The idea of swans is lovely, and they have a beautiful shape, but they seem more romantic than they in fact are. I don't think really they die like this. They just drop dead, hmm? But who wants to see that?"[Guardian]
• Christian Lacroix has vowed to keep his 22-year-old label alive even as it has declared bankruptcy, but its July couture presentation is in doubt. [WWD]
• Miranda Kerr is nude on the cover of the June Rolling Stone — in Australia. Because she cares about the environment. [News.com.au]
• Whichever "fellow student" told the Daily Mail "The end of year exams are a big deal at Cambridge University and we've all spent weeks revising. I don't know how she has managed to fit any revision into her busy social life," is certainly no "friend" to model/student Lily Cole. But then, if Lily Cole didn't want tabloid attention, she might not walk around London with her boyfriend wearing a gold ring on the ring finger of her left hand. [Daily Mail]
• Everybody you might care slightly about is getting a new fragrance this year. Kate Moss is naming hers "Vintage." [WWD]
• Kind of like the departed Mr. Blackwell — or Republican trickster Roger Stone — but only for hats, Luton, England milliner Philip Wright releases an annual list of the best celebrity hat-wearers. This year, Carla Bruni-Sarkozy topped it, for her "neat, chic, pill box hat" which "was a supreme example of classic simplicity at its best - a stylish understatement which captured the attention of the world's media." She beat the Queen. [Times of London]
• I've always thought that custom-made clothing, at the right price point, could and should be a bigger part of the apparel market than it is. Because all of us have issues with the fit of standardized sizes — who doesn't have a wardrobe half full of shirts that are tight in the shoulders but loose at the waist, pants with the wrong crotch depth, and skirts that don't move quite right when you walk. But all I want to know about this Ryan Taylor, aka "Taylor the Tailor", of Los Angeles, who supposedly takes his clients' measurements and turns out custom-fitted clothing in a couple days at prices "competitive with brand name department stores" is: where does he manufacture? (A question which, funnily enough, CNN seems to have no interest in.) Because everything I know about fashion leads me to suspect that level of service is only possible if you're e-mailing those customer measurements to a guy in Malaysia. Or Hong Kong. [CNN]
• A lone man pulled off an $8.5 million jewelry heist at Chopard in the Place Vendôme in Paris. [CBS]
• A study in the U.K. found that while women make up 52% of the fashion industry's workforce, they are paid 15% less than their male counterparts, and have only 37% of the top jobs. In New York, anecdotally, I've heard from many a design assistant toiling in the trenches of a major brand that, even though here as there the industry is largely female, things like on-site daycare are nonexistent. [Independent]
• Gilt Groupe, the members-only sample sale site, sponsored Zac Posen's resort show, which is happening tonight. Interesting. [WWD]
• Shares in the national mall chain Wet Seal fell 17% in Friday's trading, following the announcement of poor first quarterly results. Same-store sales fell by 7.3%, and even though it beat analysts' expectations by turning a $5 million profit during the quarter, news that the company does not expect to meet profit forecasts in the next quarter was enough to set the stock price sliding. [The Street]
• Lord & Taylor is closing one of its 47 stores nationwide. The Landmark Mall in Alexandria, Virginia, will no longer boast a Lord & Taylor as an anchor tenant after July 12. Both Landmark Mall and its parent company, General Growth Properties, have filed for bankruptcy protection. [WSJ]
• The U.S. division of Dutch brand Oilily filed for Chapter 11 bankruptcy protection and closed its Madison Avenue store. This follows the bankruptcy of its parent company in Hollard nearly two months ago. [Crain's]
• A statement from Wells Fargo, the principal creditor of the bankrupt Hartmarx company, which owns the menswear brands Hickey Freeman and Hart Schaffner Marx, has put Hartmarx's potential deal with private equity firm Emerisque in doubt. Emerisque's bid of $119 million for the business had been accepted by Hartmarx last week, but Wells Fargo, which is owed $114 million, said that with only $70 million of the bid being cash it "fails to provide adequate value to Hartmarx lenders." Wells Fargo also objects to the bid on the grounds that the offer "does not even ensure that Emerisque will continue running Hartmarx's business operations after the acquisition," something which Emerisque had pledged to do. The bankruptcy court is scheduled to hear objections to the bid today. [Chicago Tribune]
• Mango might do most of its business in Spain, but that won't prevent it from opening a store this September in Irbil, the capital of the Kurdish region of Iraq and the country's third-largest city. [Times of London]
• Benetton's seven stores in Georgia closed in protest and Georgian politicians voiced thunderous objections to the chain's decision to open an outpost in Sukhumi, the capital of the disputed Black Sea region of Abkhazia. Tbilisi regards Abkhazia as a breakaway province; the EU and NATO concur; Russia recognizes its independence; 1.5 million Russian tourists visit Sukhumi every year. No doubt lured as much by the thought of all those rubles as by the international goodwill it advertises, Benetton has nonetheless been forced to abandon its plans to open the store. [WSJ]

• Naomi Campbell stalked the runway like a thoroughbred in Mumbai for a charity show. Last time Campbell blended fashion and philanthropy, the supermodel raised over $1 million for Hurricane Katrina survivors. [Daily Mail]

• Mikhail Gorbachev is not enough for some people. The rapacious machine of Louis Vuitton's advertising, which most people don't realize actually sucks its subjects' dignity through the lens of Annie Liebovitz's Canon, has claimed more victims: Buzz Aldrin, Sally Ride, and fellow astronaut Jim Lovell. That's right: men and women who could withstand the g-forces of extraterrestrial flight could not say 'no' to LVMH. [WWD]
• British Vogue editor Alexandra Shulman says her biggest concern about taking the position back in 1992 was that it would involve a lot of flying. "I hadn't been on a plane in 10 years," she said at an event in England. "How could I accept a job that would mean that I had to fly all the time? I'm still very nervous on a plane." [Vogue UK]
• More bad news for Halston: the oft-revived label, left semi-conscious as of late following the firing of its latest creative director, Marco Zanini, is now down one vice-president of marketing. Atul Pathak resigned two weeks ago, just after the Paris shows. [WWD]
• Los Angeles fashion week happened recently. Don't feel too badly if you missed it: the LA Times itself called proceedings "more than an exercise in futility." [LA Times]
• Vera Wang's Lavender line is in trouble. Hitting the high end of the price range for a contemporary line is causing some grief, and Saks has dropped it. Neiman Marcus will carry Vera Wang Lavender in only ten stores this season, and drop it for fall. Wang says she's mulling over lowering the pricing, or spinning it off into a license. [WWD]
• Lanvin's London flagship store is now open. I suppose that means Alber Elbaz's long contretemps with the architects, related by Ariel Levy in her recent New Yorker profile of the designer, was happily resolved. [FWD]
• Kira Plastinina's still got stores a-plenty, too. (Albeit not in the US, where her eponymous pink-themed clothing chain went bust less than a year after her entry into the market.) As soon as she finishes high school in Moscow this spring, the fruit juice heiress intends to take a step that most designers tackle before launching international retail chains — going to fashion school. Since Kira Plastinina rather strikes one as the kind of person whose life is the sustained experience of getting what she wants, without regard for talent or even passion, she's expecting acceptance at Parsons in New York and Central St. Martins in London, the Yale and Oxford of fashion design, respectively. [FWD]
• Fiona Ellis, who scouts models for the London agency Independent, thinks Tyra's shorties-only season of America's Next Top Model is dumb. The woman who found Alek Wek and Erin O'Connor, among many others, would know. [Vogue UK]
• Net profits at Versace fell 30.7% in 2008, but it was largely due to the softening of the Euro against the Dollar. Without the hard shift in the rate of exchange, their profits would have grown by 10%. [WWD]
• "Heavy black lines and crisp, grid-like patterns created an Op Art effect in Dries Van Noten's spring collection," says the LA Times. Which is why you should...wear a plaid shirt from Express. [LA Times]
• The top 10 new models of the Fall/Winter 09 show season: 90% white, 10% Japanese, 50% not actually "new." [Style.com]
• Do. Not. Want. Spanx clothing. No, just...no. [Glamour]
• Christian Siriano has picked up one hell of a stockist for his line: Saks Fifth Avenue. The department store will sell his fall collection in a new store-within-a-store for emerging talents. [WWD]
• Iekeliene Stange, the quirky Dutch supermodel/photographer, has an exhibition opening in London this Wednesday, following a successful show in Berlin. [The Horse Hospital]

• Michelle Obama will receive a CFDA award — but CFDA president Steve Kolb isn't certain she'll attend. "We'll do whatever we can to get her here, but the award isn't about getting her to come." [AP]

• The other nominees include: Marc Jacobs, Narciso Rodriguez, and Kate and laura Mulleavy of Rodarte, for women's wear designer of the year; Italo Zucchelli of Calvin Klein and Michael Bastian and Scott Sternberg of Band of Outsiders are up for the men's wear award. Interestingly, the nominees for the Swarovski women's wear award, which celebrates emerging talents, include two designers who shot to acclaim after Michelle Obama wore their dresses: Jason Wu, and Thakoon Panichgul. (Alexander Wang, no lesser light, is the third nominee.) The Council of Fashion Designers of America will host its annual shindig at Lincoln Center — a change of venue from the traditional Bryant Park-adjacent Public Library — on June 15. [WWD]
• Model Tyson Beckford gave up texting, which he doesn't like to do, for Lent. Someone should maybe tell him how it works... [The Cut]
• Salma Hayek is reportedly set to debut a range of anti-aging cosmetics. [Daily Express]
• Naomi Campbell, meanwhile, is organizing a runway show benefit for victims of the Mumbai terror attacks; she'll walk in the show with Bollywood stars, and afterwards the clothes will be auctioned for charity. [WWD]
• So that's what Jil Sander was doing at the fabric fair in Paris: plotting new looks for Uniqlo! The Japanese fast-fashion giant — picture American Apparel without the cokey company culture and advertisements drenched in ballsweat — has taken on the long-unemployed designer as a kind of creative director with responsibility for all men's and women's apparel. She'll also do a special capsule collection, set to debut this fall, for sale at Uniqlo. [WWD]
• People say models look angry. I say anyone wearing a neutral expression always looks about 30% more sullen in a still photograph than they do live; anyone who's ever laid eyes on a photograph of themselves going about daily business without a posed smile has probably said the words, "But I look so angry!" Even though you weren't actually angry at the time. It's the same with models! If you want the camera to catch you looking vaguely sweet-faced, you have to kind of ham it up (slightly raise your eyebrows, widen your eyes, drop your bottom lip, purse your mouth like you're about to say something nice). And there's no fucking time for that kind of delicate facial maneuver on the runway. So you walk with a blank face and, yes, sometimes you look angry. Even though you are not. Is that all right with everyone? [The Cut]
• Scott Schuman's book, to be titled, The Sartorialist, will be released by Penguin this fall. To celebrate it, the Times of London is saying there'll be — what else? — a pop-up shop called Sartorialust selling accessories from pajamas to suspenders inside Barneys New York; Fashionista says the only confirmed store is Colette in Paris. Schuman would love, he says, to consult for a venerable menswear label and make it more modern; he's currently exploring some other kind of deal with Net-a-porter.com and the possibility of writing a style guidebook. [Times of London via Fashionista]
• Now that the fall collections are over, the Wall Street Journal is shuttering its excellent fashion blog, Heard On The Runway. I hope they don't somehow rate this a higher priority. [WSJ]
• In her CNN: Revealed documentary, screening this week, Carine Roitfeld goes through options for an upcoming cover featuring Scarlett Johansson (the editor was apparently disappointed the actress had dyed her hair brown before the shoot, since it made her look less recognizable). CNN just released a teaser video, which has footage of the potential cover shot. [Fashionologie]
• Juicy Couture on 5th Ave. certainly has some imaginative window dressers: their current offering features one mannequin on its hands and knees, in that awkward doesn't-quite-bend mannequinly way, wearing a saddle. Another stands over it, holding a riding crop, in case you didn't get it. Do they think this will sell sweats? [Racked]
• Singer Adele, whom Anna Wintour styled for the Grammys and had Annie Leibovitz photograph for Vogue's "Shape" issue, says she would have walked the red carpet in a "jumper" if Anna hadn't rang. "Anna! As if we're on that level! I hate fashion! I had to tell her I've got four bums..." She took Vogue editor Hamish Bowles, her Grammys date, out for In N Out after the ceremony. [Grazia]
• JC Penney, the Humane Society has announced, has gone fur free. By which the company means they currently have no fur items and no plans to sell any in future. It's as if McDonalds went "cruelty-free" by announcing that they are definitely never going to serve any foie gras. [HSUS]
• A Swedish company owns the rights to Gucci's iconic double-G logo, at least in Sweden, a patent court there has found. Fishy. [UPI]
• Various brands, including Lacoste and Coach, are planning price cuts for the coming seasons. They hope to prevent retailers from having to make steep discounts of their own, as happened last year, because seeing something expensive marked down by 70% makes customers question whether the item was ever worth its original price. Lowering the original price by 30% makes customers say, This is surprisingly cheap, let's buy it! Allegedly. [Forbes]
• Or will "vengeful populism" destroy our appetite for luxury goods altogether? [AdAge]
• Either way, Escada's losses are even greater than originally reported for the quarter. [WWD]
• American Apparel, which was saved from bankruptcy with an eleventh-hour financing agreement last week, reported a 29% increase in net profits last quarter. [WWD]
• Valentino says if you want to be his friend, you have to love his designs. [VF]

• Helena Christensen told InStyle magazine that she's never lived with a man — although she was actually married for five years. [Daily Mail]

• Bill Clinton made a surprise appearance at the Tribeca Ball, an event that benefits the New York Academy of Art. A fashion crowd including designer Jason Wu mingled with performers like Liev Schreiber and Justin Timberlake, hotel impresario Andre Balazs, and socialites. The event was filled with student art; Timberlake and Schreiber reportedly took a lot of interest in an exhibit that included two live models whose bodies guests were invited to paint and decorate with eggshells. At the end of the night, Bill Clinton's security detail was also overheard muttering, "That man is a chick magnet." [WWD]
• Speaking of politico-sartorial news, Sarah Brown, wife of the British Prime Minister Gordon Brown, met with Michelle Obama for more than an hour during her husband's state visit. Brown's gift to the First Lady was kid's clothes from TopShop for Sasha and Malia; like Michelle Obama, Sarah Brown sometimes likes to mix inexpensive chain-store items in with her wardrobe. I know, right! [Telegraph]
• Arena, the British men's magazine, is another casualty of the recession. The April, 2009, issue will be its last. Arena Homme Plus, the twice-yearly fashion magazine spinoff, is supposedly not affected, and nor are the six international editions, all of which are published under license. [WWD]
• Tracy Feith for Target doesn't get into stores until May 17, but lookbook images have already surfaced. The clothes are — not great. (There's a romper with bloomer shorts.) But one of the models is Allie from The City, if that makes any difference to you. [Racked]
• That other, slightly better, Target designer collection — Alexander McQueen's McQ line — is now available online. [Racked]
• Badgley Mischka's spring campaign, shot by Annie Leibovitz, features Anjelica Huston, Brooke Shields, Lauren Hutton, Eva Longoria...and Carrie Underwood. [WWD]
• I really hope that Agent Provocateur, the lingerie label, won't be hurt by all this press about their "racy" and "saucy" new ad campaign. I mean, what if The Sun were to determine it "crosses" the line"? I imagine that'd be just terrible. [The Sun]
• An ad for Olay's Regenerist wrinkle cream has been banned in England for being "offensive and demeaning to women" — because the makers, Proctor and Gamble, lied about the results of a study of the cream's effectiveness, and implied that cosmetic injections were an inevitable step in as any woman aged. [Telegraph]
• In Milan, Roberto Cavalli showed an 80s-heavy collection that was so small the LA Times wondered if all his samples had arrived. Could the cash bleed of his diffusion line, Just Cavalli — whose licensee, Ittierre, went bankrupt, and then sued Cavalli this week for angry statements the designer had made to the media about his losses — be affecting his main line? [LA Times]
• Scarlett Johansson, face of Dolce & Gabbana cosmetics, was the inspiration for the makeup at Dolce & Gabbana. Pat McGrath recreated "modern Hollywood glamor" with false lashes, liquid eyeliner, and red lips, not that anyone's ever done that before. [WWD]
• The booker of Auguste Abeliunaite, the Lithuanian 16-year-old who cried on the Jil Sander runway, says Abeliunaite won't be going to Paris, despite walking four top shows in Milan, because she's too young. But Paris sets — and actually does a good job enforcing — 16 as the minimum age for runway work. (Milan has no age limit.) And a girl who'd walked any show cast by Russell Marsh, let alone Prada, would be sent to Paris yesterday if she were really 16. My guess is this pale-eyed schoolgirl has a passport that makes her out to be 15 or younger. [WSJ]
• There's good news and bad news on the retail front this morning. First, let's do bad: The Body Shop is cutting 275 jobs. [WWD]
• And Kenneth Cole's fourth quarter loss has increased, to $12 million. [WWD]
• Liz Claiborne's fourth quarter net loss also widened — to $828.9 million. The company also declined to provide an earnings forecast for 2009. [WSJ]
• Adidas, meanwhile, increased its fourth quarter profits by 151%, or to a net of $74 million. [WWD]
• And all the designers are cutting costs — by rooming together at the Ritz for the Paris shows. Alexander Wang, Brian Reyes, and Victoria Bartlett are reportedly sharing digs, which sounds like the most awesome sleepover, ever. [The Cut]
• There's an unusual juxtaposition of stories in WWD's brief items this morning: first up is Simon Doonan, who was asked about the fashion industry's troubles at an AIDS benefit auction he co-hosted with Tim Gunn, which is all standard fare. But then next is a paragraph about an ultrarunner who spent five years running across six continents, all of which was filmed by his wife for a documentary, and in so doing raised $400,000 for an Alaska-based charity. The fashion content of the latter story is unclear; the reporter, in being dragged so far from his realm of expertise, also seems to have gotten a little confused. Something about the sentence, "His wife was held with a knife to her throat for more than an hour at the Morocco-Gibraltar border," strikes one as off. Perhaps because there is no "Morocco-Gibraltar border" — only some 7.7 nautical miles of sea. [WWD]
• Paris Hilton's perfume will exist for another five years. Sigh. [WWD]

• Jean Paul Gaultier always brings surprise into his shows. He's had Coco Rocha Irish dance, and included plus models in his lineup. This time he closed the show with magnificent Ines de la Fressange. [AFP]

• Taylor Swift is launching a line of sundresses that will cost $14 and be sold at Wal-Mart. However! She says she's not like all those other celebrity "designers" who are all too happy to claim the title. "I like people who have worked their entire lives to become designers," Swift says. "I think that they have their place as designers and I have my place as a musician, and I'm going to pretty much stick to that." Huh. If Taylor Swift isn't a designer, then who designed the line? Or did the dresses simply spring, fully formed, from the fingertips of a bevvy of 14-year-old Indonesian sweatshop workers? [The Cut]
• A Real World: Brooklyn cast member has become an underwear model. Scott from New Hampshire is the new face of Baskit Underwear's organic line, "Pure." [Racked]
• The Japanese government held a runway show in New York to promote young Japanese designers on the international scene. [WSJ]
• On the occasion of Maria Grazia Chiuri and Pier Paolo Piccioli's first collection for Valentino, which will be shown today at couture week in Paris, the man himself has praise for the pair — and some choice words about his successor, Alessandra Facchinetti, who was fired after just eight months with the company. At the time of her appointment, Valentino, who left his company a year ago, would only say, "I've met her. She's pretty." After Facchinetti was dumped, he let rip: "[Chiuri and Piccioli] always demonstrated an enormous respect and love for my work. There is an existing archive with thousands of dresses where they can draw and take inspiration from to create a Valentino product that is relevant today. It is a shame that their predecessor didn't feel this need." Today, he'd like to remind everyone that, despite his affinity for Chiuri and Piccioli, he "categorically denies" helping them design their first collection. "If I decide to attend the presentation of their collection, it will only be as a supporter of two people I love and who have been close to me for many years," he said. All right then! [The Cut]
• Polyvoweled supermodel Iekeliene Stange was interviewed by Style.com on the occasion of her first solo photography show. She has this to say about fashion photography: "I think these days fashion photography is very restricted and lacks a lot of creativity. There’s always certain items that need to be shot in certain ways and you don’t have as much freedom. Very often these days it seems to be more about socializing and who knows who, rather than about actual photography." A pretty bold statement to make. [Style.com]
• Lydia Hearst's Pringle of Scotland ad leaked, and the trustafarian model has her patented dazed expression. Still, it's nice to see her actually, you know, working as a model. After last season's campaign efforts, which were a long way from her Prada heights, one would have sooner expected Hearst to turn up in an ad for Pringles than Pringle of Scotland. [The Cut]
• American Express, which, as a fashion week sponsor normally gets one designer to be in a special AmEx branded fashion show in the tents that card-holders can pay $150 to watch, is taking a slightly different route this fashion week. Diane von Furstenberg will be the featured talent, but instead of re-creating her Fall/Winter 09 show of a few days prior, she'll showcase looks from the current spring season. Things you can actually buy. (Of course, AmEx card-holders could also just walk into a DvF store to see her spring collection. But think of how it'll look on the runway, with hair and makeup and lights and music!) Ms. von Furstenberg will also do a Q&A with André Leon Talley before the show. The 850-seat venue is expected to sell out. [WSJ]
• Poor sales numbers at Swatch had a predictable effect on the company's performance for 2008. Gross profits rose less than expected, by 4.3%, to 6 billion Swiss francs ($5.2 billion). The company is predicting modest sales increases for 2009. [WWD]
• H&M had a better-than-expected fourth quarter, although it closed with disappointing December sales. Net profits for the brand jumped 9.4% to 5.09 billion Swedish kronor (about $626 million), up from last year's 4.65 billion kronor. Analysts had predicted a rise to 4.85 billion kronor. Overall profits for 2008 were up 13%; the chain is going to continue its expansion. [WSJ]
• Which is good news, because I'm already getting excited about Matthew Williamson for H&M, which hits stores this April. The designer himself will model in the ad campaign, alongside Daria Werbowy. Solve Sundsbo will shoot. [WWD]
• The 85% off sales of designer goods may have permanently affected the market. According to a new study, sales of luxury products are expected to fall between 3% and 7% in 2009, at least partly because now that consumers have seen how low prices can get, they feel like $600 is too high an asking price for a pair of shoes. I would agree! Some labels are going to permanently lower their prices, others might continue shifting production to Asia. [WSJ]
• Angelina Jolie wore a Max Azria dress to the SAG awards...backwards. I can actually see how it would have looked way too revealing if she'd worn it the "right" way around. Who among us has never turned a favorite sweater backwards for something new? [The Life Files]
• Project Runway's 5th season, which is still the subject of litigation in California, will still show at New York Fashion Week. But the designers featured, and whether there are any decoys among them, will be kept secret from the audience. Also Nina Garcia's writing another book, presumably to keep busy while the lawsuit shakes out. [Fabsugar]
• Betsey Johnson's reissuing a 35-piece capsule collection of garments from her archives. They'll only be sold at Opening Ceremony in Los Angeles and New York. And, I'm willing to predict, on eBay. [WWD]
• Oh. My. God: Lou Doillon and Charlotte Gainsbourg were shot by Annie Liebovitz for American Vogue. Did Anna Wintour just get a clue? [WWD]

• Mini moguls Mary Kate and Ashley are dipping their tiny feet into the world of fashionable footwear. They're teaming up with Steve Madden to add a shoe line to their Elizabeth and James label. [ElleUK]
• Weirdly, model Twiggy's husband calls her Twiggy too. [Daily Express]
• Moddles fall all over the runway on Prada's slippery runway. Try not to enjoy it. [NY Times]
• Following in the steps of such sex symbols as Gorbachev and the Berlin Wall, Sean Connery goes before Annie Leibovitz's lens for Louis Vuitton. [WWD]
• Just saying, if I were running for office, known ass Andre Leon Tally is kind of the last person I'd want carrying a tote with my name all over it, even if it was a DVF original. [Concrete Loop]

• Diesel launches the Diesel car. Doesn't require diesel though. [ElleUK]
• As they say, the rich get richer: cosmetics mogul Laura Mercier sells pad for numerous millions. [Observer]
• Marc Jacobs turns London's black cabs into a "dasiy chain." "In promotion for his floral fragrance Daisy, Jacobs will be adorning black cabs in London with the flower, as well as outfitting the cabs’ interiors with faux daisy fields." One can only assume long-suffering cabbies were not consulted. [BlackBook]
• Remember Bag, Borrow or Steal, which got plugged in the SATC movie when Jennifer Hudson borrowed her fug purses from them? Yeah, here's more about that. [The Street]
• Heidi Klum is very gracious about J.Lo's obvious lying to get out of Project Runway finale. [The Cut via a href="http://www.accesshollywood.com/heidi-klum-on-jlo-missing-runway-finale-she-is-fantastic-i-believe-her_article_11364">Access Hollywood]
• Calvin Klein on fashion's realities: "It's a tough business. It's one that you really have to work at — if you're a very small business, or it's very large. It requires a full commitment. There is no easy way to do this," [Yahoo]
• Prada wants in on the pre-fab millionaire's playground that is Dubai. [IHT]
• David Bowie loans Ziggy Stardust outfit to a pop exhibition. What does he do with it the rest of the time? [Daily Express]
• Despite her involvement with the Freddy Prinze, Jr. vehicle Head Over Heels, Shalom Harlow will be the star of Viktor and Rolf's virtual fashion show. [WWD]
• To make up for flagging sales, luxury retailers focus on their outlet stores. Which are hopefully less depressing as a result. Looking at you, Saks outlet at Woodbury Commons! [Business Week]
• Le sigh. Editrice spawn Julia Restoin-Roitfeld to front British chain Accessorize. [WWD]