Margaret Thatcher

Gap, Inc. chairman and CEO Glenn Murphy has a bright new vision for the company, which involves more Piperlime stores and strengthening Intermix's e-commerce. {WWD} Cara Delevingne puts on her serious face to play the role of a dramatic actress in Vogue's May 2013 "Take Two" shoot with British actor Tom Hiddleston. {The Front Row View} Calling all creative writers! Prada wants to know your thoughts on how vision shapes experience for its new writing contest, Prada Journal. You can start sending in your entries via Prada.com today through June 18. {WWD} Watch how a two hour interview with Karl Lagerfeld morphs into a single question to the man behind Chanel in this fascinating clip. {Nowness}

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.

Olivier Rousteing Confirmed as New Designer at Balmain (and Also He’s Hot): He’s been Decarnin’s right-hand man at Balmain since 2009, and spent five years at Roberto Cavalli before that. We can’t speak to his design talent yet, but he certainly is easy on the eyes. Paris just got a bit more picturesque. {WWD, subscription required} Victoria’s Secret Destroys Returned Purchases: Apparently the retailer didn’t learn anything from H&M’s PR nightmare for this same issue. The lingerie chain was called out after a clerk started chopping up--in front of a customer--an unworn pair of Pink sweatpants that she had returned. {MSNBC} Jason Wu Is Collaborating on a Line of Faucets: Jason Wu is collaborating with fancy bathroom fixture company Brizo to create high-end faucets. No word on if there will be soap dish accessories. {DailyNews}