• The first images from Katie Holmes' campaign for Miu Miu have arrived... [Vogue UK]
• ...and she looks a lot like her BFF Victoria Beckham, whose ads for Emporio Armani are just out as well. [Telegraph]

• Lindsay Lohan's latest campaign, for Fornarina, has debuted. She looks a little like a hard-partying LA star who woke up in a strange mansion wondering, 'Why?' Must have been a stretch. [People]
• One reason J Crew's chief exec may have been so confident the era of the $800 shoe was over yesterday is because he knew the era of the $300 shoe was over, too: the retailer, for the first time in its history, has so much unsold stock that it's been forced to contract with a sample sale operator just to move the units. The brand's own network of factory stores could not absorb the overruns. Fellow retailer Calypso recently took the same move, and one industry consultant says another "high-end retailer" is planning a first-time warehouse sale. J Crew's sale starts next Tuesday in Manhattan, and stock will be discounted up to 70%. [Crain's]
• Barnes and Noble, being booksellers, probably should know a thing or two about copyright and intellectual property, no? Unfortunately, the megastore is pimping a bookbag (with a lifetime guarantee!) that bears a striking resemblance to a Louis Vuitton resort collection canvas tote from 2005. Down to the very buckles, and the striped webbing handles. Someone's gonna get fired for this. [Fashionista]
• Valentino has been fined for tax evasion in Italy. His longtime business partner, Giancarlo Giammetti, is also cited, and together they owe some $39 million. Valentino retired from his label last year, and officially moved his residence back to Italy, which is how they got him. The two claim it's all a misunderstanding. [WWD]
• Second bankruptcy of the week: Retailer Gottschalks is in Chapter 11, trying to get a reorganization plan approved. [AP]
• Kenneth Cole is forecasting a fourth quarter operations loss and 11% reduction in same-store sales. Share prices are near 52-week lows. [Crain's]
• Decidedly not floundering is Swatch. The watchmaker plans to open 15 stores in Hong Kong alone this year. [WSJ]
• Vera Wang, who founded her line after failing to male the U.S. Olympic figure skating team, is being inducted into the sport's hall of fame for her costume designs. How sweet. [WWD]
• I kind of love it when the mainstream press covers fashion; they always think they have discovered some massive, important story about how industry conditions are changing, or something, and then they go and drop a line like "Linda Evangelista, the current face of fashion giant Prada" and I get my hackles all up like BITCH, THAT NEW CAMPAIGN DROPPED TWO WEEKS AGO, and it stars Ymre Steikema, Anna Jagodzinska, Giedre Dukauskaite, Katrin Thormann, Nimue Smit, Sigrid Agren, Toni Garrn, and Viktoriya Sasonkina. And then I discount everything the esteemed Daily Telegraph has to tell me about models getting "curvier" (ha, ha, ha!) or whatever. [Daily Telegraph]
• Peter Som is in a state of uncertainty after the departure of his financial backer and the cancellation of his fashion week show. The talented designer is putting out feelers to do a diffusion line for Target or H&M. He doesn't care which. [The Cut]
• And...Opening Ceremony for Uniqlo! Shazam. [Refinery29]
• Designers are also creating t-shirts and totes in support of our president-elect. The sales of the items, by talents like Alexander Wang, Diane von Furstenberg, and, er, House of Dereon, will help pay for the inauguration. [WWD]
• The USA Today has some standard-issue rules for inauguration outfits, including such headscratchers as keeping your gown 1-1.5" off the floor since "that way, you're not going to step on it" and "High heels may look great, but they're not always comfortable." Revolutionary. [USATODAY]
• Time talked to Vivienne Westwood, and she said awesome things like, "I just think people buy too many clothes, whether they love fashion or whether they just want 12 T shirts, all different colors, and 12 pairs of jeans all the same. People look a mess because they're buying too many clothes; they're not thinking. If you do buy something new, if you've got the money to afford it, then buy a beautiful piece." Read it. [Time]
• Now it makes sense. The reason Niki Taylor was replaced by Australian model Nicole Trunfio on Make Me A Supermodel: she's pregnant again. She wanted to share the news with ET, naturally. [ETonline]
• Now, ladies, let Diane von Furstenberg explain how to do a mariage blanc: "Barry respects me so much," she said of husband Diller. "We don't live together during the week, although we go out together. I live on top of my shop; he lives at the Carlyle hotel. It doesn't feel strange at all. I just need a little bit of space. If I can't be alone a little bit, then I lose myself — and I cannot lose myself." Actually sounds pretty giddy. [Racked]

• Leo DiCaprio has taken over for Brad Pitt as the Tag Heuer spokesman. Wearing that watch is not an easy job. [WWD]

• Speaking of watches, here's the $8 grand Obama model. "To mark the occasion and commemorate John F. Kennedy's timeless style, Omega has reissued the ultra thin timepiece the man wore during his inauguration on January 20th, 1961." "The man" would surely approve. [Racked]
• Given her influence, anti-fur critics are urging Michelle Obama to avoid fur at the inauguration. [HSUS]
• Fur aside, 'Obama' is the biggest name in luxury goods for 09! [Extra]
• Get the Obama look yourself, on a budget! "If you're looking to mimic Michelle Obama's graceful style or Barack Obama's sharp suits, while not spending a fortune, you can find it on SHOP.COM." [Shop.com]
• Ambassador Anna Wintour's fate is being contemplated by the fashion world "'with a guillotine glee akin to that which preceded the death of Marie Antoinette.' But one fashion source dismissed the prospects of her purported replacement, French Vogue editrix Carine Roitfeld: 'I don't see how you could give it to Carine. She barely speaks English.'" [New York Post]
• Accessories led the counterfeit seizures in '08. Well, yeah. [WWD]
• We're not gonna lie: the waxen LiLo for Fornarina ads kinda depress us. [Fabsugar]
• Men's Vogue stays alive...in a Lord Voldemort sort of way. The Spring Issue will be "reverse-bound" to the back of women's Vogue.[ WWD]
• In an awesome and vaguely disturbing Dean and Dan ad, supermodels Naomi Campbell and Linda Evangelista engage in fisticuffs. [Models.com]
• Peter Som parts ways with Creative Design Studios. [WWD]
• Deep holiday discounting has hurt Ted Baker's profits. [FT]
• Daisy Fuentes's new beauty line, Style Pro, uses all natural ingredients. [WWD]
• Are we obsessed with Sofia Coppola's enchanting Miss Dior ad? Obvs. But are we the only ones who kind of wish it was Audrey, or at least someone alive with a bit more personality? [Fashionista]
• Katie Holmes buys a cookie, some sweaters. [WWD]
• Aeropostale was one of the few winners in a dismal retail season. [The Street ]
• We love Oscar de la Renta: "This is a challenging time to be a designer because a woman today knows so much more...There has never been a woman so in control of her destiny as a woman today." [Bergdorf Goodman via New York]
• By contrast: "Karl Lagerfeld: That's the kind of thing we promise to do, but we never do it… So I have your big book in front of me.
  Tom Ford: Yes, it's very big.
  Karl Lagerfeld: Quite beautiful, but it's really the final point of a decade.
  Tom Ford: It is a closed period. And that was one of the reasons I wanted to do the book. For me, like you, being a Virgo, we like to have things very neat, very clean, very finished and I wanted to finish that chapter of my life so I could move on to the next one.
  Karl Lagerfeld: Exactly. I never turn pages; I tear them out. When the time is finished I don't turn the pages anymore, I forget about them.
  Tom Ford: I see what you're saying.
  Karl Lagerfeld: I think it's a very good attitude in life." [FakeKarl]

The Good:
Funky yet refined: 100% Vanessa Carlton.
Why can't Zac Posen be my boyfriend?
Olivia Chantecaille is all about the class and sophistication.
Natalie Portman looks like a dream.

The Bad:
Margherita Missoni came dressed as a hippie dippy grandma. Those shoes! Eek!
There is something seriously disturbing about the proportions being sported by Tory Burch.
Did a shooting star crash on Nicole Trunfio and split her dress down the middle?
Jennifer Creel missed the memo: Do not match your dress to your skin tone.

The Ugly:
David Lauren and Lauren Bush. Maybe Lauren needs to tell David that pedophiles and professors with petting problems are the type of men who usually wear turtlenecks.

[Images via Getty.]