Must Read: Aeropostale Files For Bankruptcy, Dakota Johnson & Colbert Take Shots and Talk Met Gala

Plus, Alexander Wang's first president steps down.
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Plus, Alexander Wang's first president steps down.

These are the stories making headlines in fashion this Wednesday.

Dakota Johnson and Stephen Colbert remember the Met Gala
On Tuesday night's "The Late Show With Stephen Colbert," Dakota Johnson and the host downed three shots of tequila and shared the most adorable talk show conversation in recent memory. (See video above.) Johnson threw a little shade at the previous night's Met Gala for taking away her lamb chops before she had a chance to finish them, while Colbert grilled her about Tilda Swinton ("She's full of love and information," says Johnson) and "Fifty Shades of Grey." The pair got drunker as the segment went on and it's completely delightful. {YouTube}

Aeropostale files for bankruptcy protection
Following in the footsteps of PacSun, teen retailer Aeropostale filed for Chapter 11 bankruptcy protection on Wednesday. It will finance operations during the expected six-month period with a $160-million loan from Crystal Financial LLC. The teen retailer is expected to close down 113 stores in the U.S. and all 41 in Canada. {Reuters}

Alexander Wang's  first president exits the brand
After six years as the first president of Alexander Wang, Rodrigo Bazan has stepped down from the role. Bazan oversaw the expansion of new product categories and the opening of 27 stores worldwide during his time with the company. He previously served as the Marc Jacobs's vice president and general manager for Europe, the Middle East and India. A successor will be named in the coming months. {WWD}

Margot Robbie lands her first fragrance campaign for Calvin Klein
"Suicide Squad" actress Margot Robbie will be the face of a new Calvin Klein fragrance set to be released this fall. Deep Euphoria will be a "more modern, empowered sister" to the brand's two other existing fragrances: Euphoria (fronted by Natalia Vodianova) and Endless Euphoria. The ad campaign will be released in August. {WWD}

Why Misty Copeland is striking a chord with brands
Regardless of whether or not you consider ballet a sport, Misty Copeland is an inspirational athlete and artist. And brands ranging from Under Armour to Barbie are seeking to partner with her for many reasons: Copeland breaks conventions (duh), champions what she believes in and is social media-savvy. {Digiday}

How fashion magazines are trying to stand out on Instagram
Magazines have slowly but surely figured out what works best for them on Instagram. On Vogue's account, it's "regrammed" celebrity, beauty and fashion posts. On Harper's Bazaar, it's material from its 150-year archive, while on Elle, it's celebrity-related content. {Digiday}

The growing business of private clients
Building one-on-one relationships with clients can be difficult, but brands are working harder to forge direct relationships with their customers. While wholesale remains the primary channel of selling in the personal luxury goods market, direct retail provides much bigger margins. {Business of Fashion}

Old Navy defends interracial ad
After Old Navy tweeted an advertising image on Friday depicting an interracial family (and starring model Grace Mahary), the retailer was hit with disturbing racist comments from the platform's users. Old Navy released a statement standing by the image and what it represents: "We are a brand with a proud history of championing diversity and inclusion. At Old Navy, everyone is welcome." {WWD}

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