And Italy's new prime minister is hoping to find a solution for the country's troubled fashion system.

And Coco Rocha spills on her style icons.

Alexa Chung really wants everyone to know that on page 17 of her new book It, she is not the naked girl with the Gwyneth Paltrow bush.{Page Six} Legendary fashion photographer Mario Testino received an Honorary OBE--it'll be awarded to him by the High Commissioner in his home country of Peru. {Vogue UK} Rachel Zoe aims to show that comfort and sex appeal aren't mutually exclusive in her new Jockey campaign. {WWD}

Gisele shows us why she doesn't need retouching on the June 2013 cover of Vogue Brazil, lensed by longtime friend Mario Testino. {Fashion Gone Rogue} Coco Rocha is now a contributing editor at not-so-fashion glossy PC Magazine. Wait, what? {Coco Rocha's Tumblr} This year's CFDA Awards celebrity presenters have been announced! Among them are Linda Evangelista, Jessica Chastain, Ralph Lauren and maybe Hillary Clinton and Michelle Obama. {WWD}

Want to see a sneak peek of Carine Roitfeld's Cannes amfAR gala fashion show tribute to Elizabeth Taylor? We figured.

This is what Lindsay Lohan wore last night to the premiere of Liz & Dick, the Lifetime movie she stars in as Elizabeth Taylor. The Hollywood Reporter describes the movie as "half train wreck, half SNL skit." Funny, we were thinking the same thing about the dress. Sure, Lohan may no longer be one of the most sought after stars to dress these days, but surely she could have done better than...this? To that end, we've taken it upon ourself to suggest five Elizabeth Taylor looks that Lindsay should have worn to the premiere, in honor of the late style icon. Click through for our suggestions.

If Mr. Lagerfeld and Mr. Cavalli have taught us anything, it's that unfiltered honesty is the best, most hilarious, policy. And speaking of unfiltered designers, we haven't heard from Donatella Versace since last November's Versace x H&M media blitz. But with the house's recent return to couture and the sudden interest sparked by potential IPO rumors, we're starting to hear more from Ms. Versace again (which, yay!). Tim Blanks moderated a lively interview with the designer yesterday at Oxford University Union, wherein she opened up about her design process, personal life, how she'd like to dress the Queen, and that time Elizabeth Taylor stole some jewels. We weren't there but Vogue UK was. Read on for the highlights.

The 65th Annual Cannes International Film Festival kicks off tomorrow, and of course we're super excited to see what everyone will wear. Not only does the festival offer a perfect blend of Hollywood glamour and French insouciance, but whether it's the heat or the proximity to nude beaches, people tend to get pretty daring with their fashion choices. And it's made for some pretty iconic red carpet moments over the years.

It's Met Ball day! We're gearing up for all the festivities, which we'll be live tweeting at 6:30pm EST today when the red carpet livestream begins.

It could be a sign that the world is ending (December 21, folks, get ready!) but these days, there seem to be more celebrity couples getting engaged.

Marc Jacobs Uses Underage Models, Defies CFDA Guidelines: Much like the crazy nastyass honey badger, Marc Jacobs just don't care about the CFDA's proposed guidelines to ban models under age 16 from the runway, despite the fact that Jacobs is a member of the organization. In brazen defiance, Jacobs used at least two models who had potentially just completed their bat mitzvah's, stating "If their parents are willing to let them do a show, I don’t see any reason that it should be me who tells them that they can’t." Whatever, whatever, Marc does what he wants! {NY Times} New Designers Struggle to Get Notice at NYFW: Not all designers can get Anna Wintour (or even George Lucas) in the front row. Take a look into the world of the new and talented designers who can't yet afford a runway at Lincoln Center, or a professional makeup artist for that matter. {NY Mag} Bar Rafaeli Felt Flabby in Sports Illustrated: The lingerie model-turned-designer says she felt fat and flabby posing with professional athletes for the Sports Illustrated swimsuit issue. In the poignant word of Michelle Tanner: "Puh-lease." {NY Mag}

A-Listers Reportedly Want to Wear Victoria Beckham to the Oscars: Oh Posh, you've come a long way from being that one Spice Girl who barely sings. Michelle Williams recently walked the red carpet in a piece from the new Victoria by Victoria Beckham line, and now it's rumored that A-listers like Gwyneth Paltrow, Charlize Theron, and Cameron Diaz are eyeing the designer to outfit them for the biggest night in Hollywood. {Fashion Magazine} Lady Gaga to Launch Social Networking Site: So her stans have a safe haven to pay due homage to their Mother Monster, Lady Gaga is developing a new "community" website. Littlemonsters.com isn't operational yet, but you can submit your name and e-mail address to the site so you may be among the first to have access to the site once it's up. {AOL Music} John Galliano Out and About: Beyoncé isn't the only celeb to re-emerge from the depths. John Galliano was spotted at his friend DJ Jeremy Healy's 50th birthday in London. Sources say the designer was "quiet" and "reserved." {Page Six}

Rutgers to Offer Course on Beyoncé: Now here's a class we wouldn't have regularly skipped when we were undergrads: a Rutger's University professor is teaching a course on the significance of Beyoncé Knowles in regards to black feminism, studying her lyrics against the works of historical black female figures like Alice Walker and Sojourner Truth. Her husband, Jay-Z also has a course on him offered at Georgetown University. Next up: A seminar at Wesleyan examining how Blue Ivy Carter paved the way for infant musicians. {Sister 2 Sister} Megan Fox Will Not Play Elizabeth Taylor: The actress took to Facebook to deny claims that she is in talks with Lifetime producers to play Elizabeth Taylor for their upcoming biopic, Liz and Dick. Looks like Lindsay Lohan might soon be getting some much-needed work after all! {ONTD} ELLE France Removes Controversial Black Fashion Article: After facing much public scrutiny, ELLE France has removed their 'Black Fashion Power' article, which credited the Obamas for finally influencing black people to retire their Apple Bottom jeans, boots with the fur and "[return] to style with a sense of dignity." ELLE's editor claims the article was "misinterpreted" (there seems to be a lot of that going around these days), but we're pretty sure we got what author Nathalie Dolvio was trying to say the first time. {The Cut}

She's channeled Marilyn Monroe on more than one occassion and now Lindsay Lohan may get the chance to tackle another iconic Hollywood legend: Elizabeth Taylor. She's in talks to play Taylor on the small screen in an upcoming Lifetime movie titled Elizabeth & Richard: A Love Story, Entertainment Weekly has confirmed. The film will reportedly chronicle Taylor's relationship with Richard Burton.

Proenza Schouler's Very First Store: Aww. The label is eyeing a spot on Madison Avenue for its first-ever shop, set to open in 2012 - Exciting news for both Proenza and window shoppers everywhere. {WWD} Are Leo and Erin Heatherton Sitting in a Tree (Figuratively Speaking)? Gisele, Bar, Blake, Erin... Mr. DiCaprio clearly has a thing for leggy blondes - then again, who doesn't. The possible pair was spotted strolling around Sydney together. Which means they're probably engaged. We kid! We kid. {NY Mag} Today is Free Shipping Day! More than 2,500 retailers, including J.Crew, Free People, and Sephora, are participating in the Christmas miracle that is Free Shipping Day. The name really says it all - You're welcome. (Full list of participating retailers at NY Daily News}

Kardashians Setting Up Shop in Dallas: Say what you want about the Kardashian Krew, just don't call them lazy. With Khloe's hubby Lam-Lam now traded to the Mavericks, word is they're already scoping out locations for a new DASH store in Dallas. Werk, girls, get that ka$h. {TMZ} Gwyneth's GOOP App Promotes Expensive Living: Always wondered where to get the best kelp smoothie in New York? Ya, me neither. But Gwyneth Paltrow now has an app for that. Her GOOP NYC app may only cost $3.99, but you're guaranteed to spend thousands more if you actually follow in her perfectly aligned footsteps. {Gawker} CFDA Names Winners' Mentors: Mentors have been chosen for this year's CFDA/Vogue Fashion Fund honorees. Winner Joseph Altuzarra will be mentored by Calvin Klein prez and chief exec Tom Murry, Pamela Love gets Harry Winston's Frédéric de Narp, and Creatures of the Wind designers Shane Gabier and Chris Peters will work with Rag & Bone duo David Neville and Marcus Wainwright. Just in time for some holiday thank-you presents... Brownie points, people! {WWD}

Elizabeth Taylor's dazzling jewelry collection was auctioned off Tuesday night, bringing in close to $116 million--a world record for a private jewelry collection. “It’s one of the most extraordinary auctions that Christie’s has ever had and a testament to the affection for Elizabeth Taylor worldwide,” Christie’s Americas President Marc Porter told the New York Post. Taylor's one-of-a-kind diamonds, rubies, emeralds and pearls--80 pieces comprised "The Collection of Elizabeth Taylor"--sold for prices that shattered Christies' estimates. "To the best of my knowledge only two items sold within auction estimates," wrote Anthony DeMarco at Forbes. "The rest of the lots made the estimates look like afterthoughts as a jammed room full of bidders competed for items with telephone buyers from around the world." The big winner of the night wasn't, as everyone expected, the Elizabeth Taylor Diamond (that's the 33.19-carat diamond ring Richard Burton gave her and that she wore every day)--though that fetched $8.8 million.

A knock-off of Bella Swan's wedding dress (Twilight's heroine, in case you've been living under a rock for three years) just went on sale (at left) and it got us thinking about memorable movie wedding dresses. Forget about people's princesses who wear too much eyeliner or wannabe princesses who get divorced after 72 days: Movies are where the real, unattainable, fantasy love-and-marriage happens. From the classic to the garish, we've rounded up some truly unforgettable wedding gowns from all different eras. Click through to see yards of tulle and lace and dreams and butterflies on gorgeous actresses. Sigh.

Preview: Carine Roitfeld's Elizabeth Taylor Spread In V's September Issue: A behind-the-scenes video of Roitfeld's homage to the Queen of Diamonds, which she shot with Mario Testino. It looks seriously decadent; I spy some Prada, electric blue eyeshadow and a jeweled tiger statuette. {Stylelist} NY Fashion Week Documentary The Tents Premieres Saturday: It chronicles the birth and progression of what is now Mercedes Benz Fashion Week, from Bryant Park to Lincoln Center, with commentary from a bajillion fashion folk. Showtime is 6pm at the SVA Theatre; tickets are available online here. {Racked} Vogue Has A New Secret Website: According to a tiny blurb in AdWeek, Wintour and cohorts are working on some new hush-hush site to launch in December. The question is, how will it avoid both repeating Vogue.com content and stepping on the toes of fellow Conde site Style.com? {AdWeek via Styleite}

Earlier this year, reports surfaced that Carine Roitfeld would be styling V's September cover and cover story and it's now coming to fruition. WWD reports that the legendary former French Vogue editor is collaborating with Mario Testino on a 72-page "fashion extravaganza" for the glossy. September's theme is "heroes" and thus Carine has chosen to pay tribute to late icon Elizabeth Taylor.

The news of Elizabeth Taylor's death got us thinking quite a bit about celebrity fragrances, given that the Hollywood star's White Diamonds is still the best-selling celeb fragrance collection in the world, bringing in $76.9 million globally in 2010. But what other celeb-backed scents have succeeded? While most are flash-in-the-pan occurrences, others have experienced ongoing success. So we asked Chicago-headquartered market research firm Euromonitor International who has risen to the top. Click through to see the world's best selling famous fragrances.

Christie's to Auction Off Elizabeth Taylor's Precious Gems: A date for the auction has not been confirmed, but expect a treasure trove of jewels that is said to be worth over $150 million. {People StyleWatch} The Puffer Coat--From Sleeping Bag to Fab: We can't wait to retire our puffer coats when this never ending winter ends, and this time, we're retiring the bulky jacket for good. Next fall, expect to see the puffer coat in new, much cooler styles. {WWD, subscription required} Not Everyone Loves Lively: According to Gatecrasher, an employee at Chanel USA is dishing that not everyone at the house is as enamored by Blake Lively as Karl Lagerfeld. The source says that many feel that the all-American starlet and face of Chanel's Mademoiselle handbag line is "off-brand." But obviously, what Karl says, goes. {NY Daily News Gatecrasher} Miami Goes Gaga for a Fake Gaga: While the real Lady Gaga celebrated her 25th birthday in Vegas, an imposter ran around Miami, causing a stir among fans, sales associates and PR people. The faux Gaga made stops at "normal" stores like French Connection and Guess, prompting Guess' PR Manager to send out a hurried press release announcing the singer's presence. The spokesperson said that Gaga purchased the Lucy Lace Skirt--a mundane A-line skirt that clearly should have tipped people off that the lookalike was an imposter. {Page Six}

The CFDA just announced that Lady Gaga would receive this year's "Style Icon" award. Sure, her style is provocative, daring, and she certainly deserves the award. But was she the first to push fashion over the top in that headline grabbing way? Of course not. Before her there was Madonna, and before Madonna there was Cher and before Cher there was Elizabeth Taylor. The screen legend is known for many things: her acting chops, her incredible beauty, her seven husbands, her struggle with addiction, oh, and her incredible style. As a young ingenue she adhered to '50s style--perfect for flaunting her curvy figure. But as she got older her style got bolder. Here, a look though at some of this original style icon's most outrageously awesome fashion statements.

From Jennifer Aniston to the Biebs, it's quite rare these days to find a celebrity who doesn't have his or her own fragrance. That's because a signature perfume can bring in millions of dollars each year. And they have Elizabeth Taylor to thank for it. The actress, who died today at the age of 79, launched her scent White Diamonds in 1991. While she certainly wasn't the first celebrity to come out with a scent, she was the first to do it well. And it's still the best-selling celebrity fragrance in the world, bringing in $76.9 million globally in 2010. (That's according to the Chicago-headquartered Euromonitor International, a market research firm that tracks this sort of thing.) Now, that number includes the flanker fragrances under the Elizabeth Taylor name, including Black Pearl and Passion. But White Diamonds alone brought in $61.3 million in 2010, which is still pretty unbelievable.