>> Christian Lacroix didn't end up with the happy ending he was hoping for.  A Paris commercial court approved a restructuring plan by Lacroix owners the Falic Group today, allowing the French house to be converted to an accessories and perfume licensing operation.  Potential buyers, including an Ajman sheikh, failed to present financial guarantees by today's imposed due date.

In the face of the news that Lacroix ready-to-wear and couture are officially no more, and the label's workforce would be cut by 100 to approximately a dozen, the designer spoke to WWD:

“This is the most awful decision possible and I’m speechless with anger. I’ll do my best to find a way of battling. But it seems no one is interested in the future of Lacroix in such a cynical world where the word ‘fashion’ doesn’t have the same meaning as mine. My duty has to be struggling against the Falics . . . against this decision and against the state, who did nothing in fact.”

Lacroix CEO Nicholas Topiol said that Falic Group would continue to negotiate with prospective buyers; he remains optimistic. “I am working on finding a solution for the company. Everything is still possible."  If no deal comes through, Topiol added that he plans to restart Lacroix's ready-to-wear under license, with a model similar to those employed at Jean Paul Gaultier or John Galliano.

>> Olivier Theyskens May Be Back in Fashion with New Venture —Olivier Theyskens, who's been taking a break from fashion since March, save for the book he penned coming out in February, may be back sooner than later.  He is said to be in talks to create a "retail concept" with Tory Burch's ex-husband Christopher Burch and Caroline Brown, who are also currently developing a lifestyle brand together. [WWD]

The models in Victoria's Secret runway show (airing tonight on CBS) each wear almost 3 pounds of body glitter.

Simon Doonan has been hired to decorate the White House for the holidays.

The 2010 Vogue Paris calendar is out.

Olivier Theyskens is in talks about creating a new retail venture with Christopher Burch.

Mango expands in the U.S. by joining forces with JC Penny.

Christian Lacroix has become no more than a licensing firm after court ruling.

Inez van Lamsweerde & Vinoodh Matadin will appear in menswear ads for Lanvin.

Kelly Cutrone's television show, Kell on Earth, will air Febuary 1 on Bravo.

Source: WireImage

Lawan, named after the Thai word for 'beautiful' is Los Angeles-based Koi Suwannagate's first collaborative partnership and has been in the works for over two years. Available today in Anthropologie stores, the collection—all priced under $300—features two cardigans, a gown and a sleeveless top. Each piece is embellished with Suwannagate's signature hand-worked appliqués.

In addition to the secondary line, the designer is also launching a gift collection for the holiday season, sold exclusively on her website. The cashmere 'Him & Her' fingerless gloves (at left)—his face with a cigarette appliqué, her face with an attached grosgrain ribbon—retail for $285. Also included in the special holiday collection are whimsical brooches, beanies, and a pineapple shaped cashmere handbag for $1,200.

Source: Koi Suwannagate