Derek Lam Sells Stake to Labelux (WWD)
New York based designer, Derek Lam, sells stake to Labelux, a Vienna and Milan-based holdings company that owns Swiss label, Bally.

Levi’s hammered by global downturn (Drapers)
Due to a tough retail environment and high expansion costs, Levi’s net income sharply dropped from $46 million to $1m in the second quarter.

Mango’s Risky Business: Spanish Chain Sees Iraq As Fertile Retail Ground (WWD)
Despite Iraq’s political instability, Mango, the Spanish fast fashion retailer plans to open a store in the country’s Kurdistan region.

Questions For…Marka Hansen (WSJ)
With television ad campaigns no longer part of their marketing plans, Marka Hansen, president of Gap North America, let’s us in on the company’s new branding initiatives.

Cut out for the beauty business (Boston Globe)
Elan Sassoon, son of the legendary entrepreneurial hairstylist, Vidal Sassoon, plans to build his own beauty schools empire.

Derek Lam autumn ’08, photo courtesy of coutorture.com