Being married to the CEO of a major luxury company has its perks, as Salma Hayek proved by changing her "lewk" seven times between June 10 and June 11 in New York this week.

Yesterday, Bloomberg reported that social discovery/e-commerce site The Fancy had been valued at $600 million and that American Express and actor Will Smith had come on board as investors. The Fancy has yet to officially confirm the news, but there's no doubt that now is an important time for the four-year-old site. We spoke with founder and CEO Joseph Einhorn about what The Fancy is, how it's grown so quickly, the importance of having Kering's Francois-Henri Pinault on board, why Zara is one of his biggest inspirations, and more.

French fashion house Yves Saint Laurent is undergoing even more fundamental changes, if you can believe it. The company is following up its re-branding and hiring of a new creative director with the hiring of a new CEO.

Though Alexander Wang has already been at the helm at Balenciaga for about six months, the back story of how he came into that position is still coming together. While we knew Anna Wintour may have given him a nudge in the right direction, we didn't know that Wang had flat-out turned Kering (formerly PPR) CEO Francois-Henri Pinault down:

PPR has left the building. It's no longer a thing. The name, that is. As was rumored, the luxury conglomerate today announced that it will change its name to *drumroll please* ...

There are just two days standing between us and what's arguably this fashion month's most highly-anticipated event: Alexander Wang's debut for Balenciaga. So Suzy Menkes talked to him, Anna Wintour, PPR CEO François Henri Pinault, and, um, Danielle Steel to dig up some backstory, debunk some rumors, and find out what to expect from Wang's elevated new role.

Everything about the fall 2013 show announced: Christopher Kane has made it to the big leagues.

Good things come to those who wait. After speculation that Scottish designer Christopher Kane would take over the house of Balenciaga turned out to be only that—speculation—it has been announced that PPR, the luxury goods conglomerate that owns Balenciaga, as well as Alexander McQueen, Gucci and Yves Saint Laurent, now owns a 51% stake in Kane's London-based fashion house.

François-Henri Pinault, President and CEO of PPR, which owns Balenciaga, sat down for a lengthy Q & A session with CBS’s Rebecca Jarvis yesterday at the French Consulate in Paris. They discussed many things, like the "fiscal cliff," ecommerce, the American market, and of course, the decision to install Alexander Wang at Balenciaga--which is all we're interested in. The most interesting nugget to come out of the interview was the mention of couture at Balenciaga.

Now that we know who is going to take the reins at Balenciaga (it's Alexander Wang, in case you've been living under a rock), the next question on everyone's minds is: What will change under the new designer? Well, according to the CEO of Balenciaga's parent company PPR, François-Henri Pinault, not a whole lot.

Nicolas Ghesquière, one of the most critically acclaimed and influential designers working today, is leaving his post as creative director of Balenciaga. Balenciaga parent company PPR just announced that Balenciaga and Ghesquière have made the "joint decision to end their working relationship as of 30 November 2012."

Could this be a white flag in the on-going dispute between designer Hedi Slimane and critic Cathy Horyn? Slimane has removed all his tweets about Cathy Horyn, including the original open letter. There is no explanation left in it's place, so we're left to wonder what motivated the designer to delete them at all.

PPR CEO Francois-Henri Pinault responds to Slimane's critics, including Cathy Horyn. This story will never end!

First comes love, then comes a joint footwear venture? That's apparently the relationship route for match made in reality TV heaven Kim Kardashian a

PPR has just partnered with luxury ecommerce site Yoox.com, to launch a new online platform--PPR will own 51%, Yoox 49%--that will sell the conglomera

Well, that was fast. After only a few days in court, Linda Evangelista and her baby daddy Francois-Henri Pinault have reached an out of court settlement in their child support battle, the New York Post is reporting. Evangelista shocked pretty much everyone last week when it was reported that the supermodel was asking for an astronomical $46,000 a month in child support payments, saying that her son Augie needed round the clock nannies, armed guards and a separate apartment near his school for play dates. While the settlement sum was not disclosed, we have a feeling Pinault must have coughed up something pretty close to Evangelista's asking price--after all, Evangelista doesn't seem like the type to back down.

The child support battle between Linda Evangelista and her former flame and PPR chief François-Henri Pinault hit the courts yesterday in New York City, and the exes have already started in with the mudslinging. According to the New York Daily News , Evangelista's lawyers told the court that "[Pinault] suggested [Evangelista] terminate the pregnancy." Yikes. Pinault's spokesperson denied that he ever told her to have an abortion, and said that he told her, "I will take my responsibility." If that's true, why hasn't he paid any child support?

The child support fight between supermodel Linda Evangelista and her baby daddy, PPR's chief executive (and Mr. Salma Hayek), François-Henri Pinault, is shaping up to be really ugly. The New York Daily News has a lot of the details about Evangelista's over-the-top lifestyle and her child support demands, which, if she wins, could be record-breaking. In case you forgot, the duo dated from September 2005 thru January 2006 (which is, you know, not a very long time) and Evangelista was pregnant when they broke up. Evangelista didn't reveal the paternity of her child, Augie, until she filed court papers against Pinault for child support this past summer. And now she's really going for it. The NYDN is reporting that Evangelista is asking for a whopping $46,000 a month in child support payments. To put that into perspective, the previous New York state child support payment record is held by Diddy, who shells out $19,000 a month to the mother of his kid. So why exactly does she need that much money?

Linda Evangelista's Baby Daddy Revealed: Francois-Henri Pinault, husband of Selma Hayek, is said to be the unnamed father of Evangelista's four year old son. {NY Post} Michelle Obama in Jason Wu: The First Lady wore a custom-made frock by the designer during a trip to Boston yesterday. {Boston Herald} Hussein Chalayan Gets His First Retrospective: The exhibit, featuring pieces from the eccentric designer's 17-year career, opens Tuesday at Les Arts Décoratifs in Paris. {WWD, Subscription Required}