Annie Leibovitz, courtesty of Seattle Arts and Lectures

How Could This Happen to Annie Leibovitz? (New York Magazine)
Annie Leibovitz’s “debts now total a staggering $24 million, consolidated with one lender with whom she is engaged in a lawsuit and due in September.”

Murjanis seen recasting fashion assets in India (Economic Times)
“The Murjanis have decided to exit the luxury space and stay focused on the super-premium segment after bearing the brunt of the downturn. They exited Jimmy Choo and Bottega Venetta stores and ceded the rights of La Perla.”

No more easy living for Condé Nast (Guardian)
“The advertising downturn is forcing even the world’s most prestigious publisher to tighten its belt. James Robinson on the emergency strategies being taken at the home of Vogue, Tatler and GQ.”

Prada turns avant garde on its head (The Australian)
“Every once in a while, an art, photographic or multimedia exhibition rushes through the international media like a minor bushfire. More often than not, this is sparked by a) its “shocking” content, or b) its once-in-a-lifetime tour around the galleries of the globe. Less often it’s because it offers a real glimpse into the future, which is why an exhibition that opened in Seoul on the weekend, by an up-and-coming artist from Sweden, has drawn hundreds of journalists from across the world.”

H&M same-store sales -3 pct in July (Reuters)
“Swedish fashion chain Hennes & Mauritz reported on Monday a bigger-than-expected 3 percent drop in year-on-year sales at established stores in July.”

men.style.com

Conde Nast Says Goodbye to Men.Style.com, Hello to GQ.com, Details.com (Ad Age)
“Conde Nast will shut down one of its web-only brands, Men.Style.com, when it gives two of its titles, GQ and Details, their own websites in October.”

September Ad-Page Tallies Plunge (Ad Age)
“Is September now the cruelest month? It may very well be for fashion and beauty titles this year. The final tallies for those crucial issues are emerging — and for almost every one of the titles, results are terrible.”

Retailers to discount through to 2010 (Drapers)
“UK retailers are likely to continue discounting right through to the first half of 2010, according to a report by PricewaterhouseCoopers.”

Designers divided on copyright law (Canada.com)
“A proposed new law that would extend copyright protection to clothing has designers in an uproar and threatens to widen a rift in the American fashion industry.”

Escada plans rights issue rescue (Drapers)
“Escada, the German luxury womenswear group, has launched plans to raise €29 million (£25.1m) in a rights issue in a bid to stave off insolvency.”

Portfolio cover April 09, courtesy of Portfolio

Conde Nast Shutters Portfolio. Why It Failed (Businessweek)
“Conde Nast Portfolio, the very big and glossy bet on a monthly business magazine made by the very big and glossy magazine company touted in its title, was shuttered today.”

Biba’s Queen is back in London (Telegraph)
“Biba’s creator, Barbara Hulanicki, is back in London with a new range for Topshop.”

Ethical fashion design competition launches (Drapers)
“The Ethical Fashion Forum has launched a design competition called Innovation, aimed at young ethical fashion designers or businesses.”

Forever 21 Prepares Japan Debut (WWD)
“Forever 21 is about to open its first store in Japan, raising the fast-fashion stakes in the world’s second-largest economy.” (Subscription required)

Elevator Pitch: Fashion site Stitsh combines retail with street cool (The Guardian)
Domini Fendius’ site sends photographers out into the city, who “take pictures of fashionable members of the public, and link their clothing direct to online retailers where you can buy the items at great prices.”

Calvin Klein underwear, styled by Nichola Formichetti, courtesy of Ponystep

Calvin Klein and the underwear revolution (Ponystep)
Ponystep pays homage to Calvin Klein, the undisputed king of underwear.

Prominent Magazines Lose Weight, Shedding Nearly Half Their Ads (New York Times)
“It was an ugly January not just for Allure, but also for Condé Nast magazines in general.”

The Coming Fallout: Who’s Vulnerable? (WWD)
Due to the triple threat of recession, tight credit market, and low consumer confidence “retailers are scrutinizing each line they carry more than ever.”

U.S. Retailers to Report Grim Results (WSJ)
“When retailers report December sales on Thursday, the picture won’t be pretty.”