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Margaret Thatcher, Britain's first and only female Prime Minister, passed away earlier this morning of a stroke at the age of 87. As one of the first women to hold such a powerful political position in the Western world, Thatcher's political legacy will obviously endure for decades to come--but her fashion legacy, too, will have a lasting effect on female politicians. In many ways Thatcher's dress sense set the mold for how female politicians dress today: conservative, powerful (yet feminine) and above all, consistent.

Burberry is being sued by the estate of Humphrey Bogart after they used an iconic image of the actor wearing a trenchcoat from the film Casablanca. A

Carolina Herrera to receive Honorary Degree From FIT: The designer will walk the stage with the graduating class of 2012, to receive an honorary doctor of fine arts degree. No student loan debt required. {WWD subscription required} HuffPost Style Takes a Look Back at the Year in Pippa Middleton's Butt: Get out your magnifying glasses, folks, The Huffington Post has 17 slides of Pippa Middleton's derrière, which we think looked best on April 29, 2011 {HuffPost Style} Get Advice from Gilt Founders Alexis Maybank and Alexandra Wilkis: The BFFs and business partners answer all your questions about doing business with your friends and frenemies. {Buzzfeed/Shift}

Rag & Bone to Launch Handbag Line: Rag & Bone plans to bring us more lustworthy wares this fall. The brand announced that they will be adding a handbag range to their already popular line. If they're anything like their covetable footwear, our credit cards are in big trouble. {Racked} Alexa Chung Is Not Trying to Be 'Thinspo': After posting a photo in which she looks particularly thin, Alexa Chung's Instagram account was barraged with comments about her weight from several of her followers. One person said; "I'm going to be very honest. I look at this picture and think 'This is a woman not eating.'" She responded: "Ok everyone thanks for the teen angst discussions. People are different sizes. I'm not trying to be thinspo for anyone" and proceeded to make her Instagram account private. {Telegraph} Barack Obama to Throw Fashion Fête in Chicago: To support the Runway to Win initiative, the President is throwing an event in his native Chicago for the fashion elite. Anna Wintour and Iman will host the affair, which Marc Jacobs, Jason Wu, Prabal Gurung, and other notables are expected to attend. Just make sure our invitation doesn't get lost in the mail, okay Mr. President? {Refinery 29}

Traditionally a taboo color combination, the pairing of orange and black dominated the runways for Fall 08. Orange accents paired with black ensembles