• Tom Ford: "I feel that fashion has become too serious...Fashion needs to make one happy. It is a luxury and should enhance one's quality of life." Ford also believes in, wait for it, "real clothes for real women." [Racked]

Monique Lhuillier designs for the red carpet, so it's no wonder that the the front row was propped up with boldfaces scouting for awards season. Or that, by the end, the crowd's wonder was audible.

• American Apparel has received yet another delisting warning from the New York Stock Exchange. The troubled company has been late filing its first two quarterly reports, and recently had its auditors quit. Its stock is currently trading at 0.71 [WWD]

• Waiting, with Diane Von Furstenberg, for Mayor Bloomberg to arrive in Queens, Anna Wintour said, "If he doesn't show, Diane and I will run on a joint ticket and take over the city." Was that a...joke? Then Lindsay Lohan stole.

On last night's episode, the designers had two days and $100 to create an outfit for Rebecca Romijn, who was pregnant with twins. Malvin's ensemble was based on the old dilemma: "Which came first, the chicken or the egg?"

• Posh and Becks are in an underwear ad, together! David seems to be deep in thought, perhaps pondering the wisdom of letting Armani give him hair that belongs on a Lego newscaster. Narrate Victoria's inner monologue in the comments! [Telegraph]

• German fashionisto: "She's is no runway model. Heidi Klum is simply too heavy and has too big a bust. And she always grins so stupidly. That is not avant-garde - that is commercial." Me-ow! [VogueUK]

• Before we tackle today's inevitable layoffs, liquidations and bankruptcies, look at David Beckham. Look at semi-naked David Beckham. In his very important new Emporio Armani ad. Why, good morning to you, Dave. [People]

Today, Style.com ran sketches for Michelle Obama's inaugural wardrobe by designers Derek Lam, Vena Cava, Doo.Ri and more Fashion Fund winners. Which means: more styles for everyone to choose from!

• Versace model Liskula Cohen is suing Google after a blogger called her a "skank" and "old hag." Cohen hopes the defamation suit will unmask the mudslinger. [New York Daily News]