>> While Christian Lacroix is hoping that his label can emerge out of administration with new ownership, he's already got one couture client who offered to bail him out.  He turned her down: “I prefer her as a client rather than chairwoman.”

Lacroix says that his widely acclaimed Fall 2009 collection will probably not be produced, because the factory is among the house's creditors, and the Fall 2009 couture show is up in the air.  He is still sketching in hopes that something will come together, but there is no budget to use any outside suppliers like embroiderers and not even a photocopier in the office.

Lacroix blames part of the label's 35 percent drop in sales — which expedited the bankruptcy filing earlier this month — to cuts in materials and manufacturing: “If you decide to do something in the deluxe field, you have to go all the way.  Even the best factory can’t make beautiful clothes with cut-rate fabrics.”

As for the future of the company, he acknowledged that if the company is not sold, it might be reduced to a licensing operation with only a handful of employees. But he's staying optimistic: “I know that my work, my inspiration and my creativity is not minimal and not so easy to make, but we have the proof that with skill and cleverness and good partnerships, it’s possible . . . The best way to fight would be to do a beautiful collection."

>> INSIDER WIRE —As rumored, Fabien Baron is coming back into the Interview fold as editorial director, replacing former co-editorial director Glenn O'Brien. Baron was originally fired in January and took creative director Karl Templer with him.  After he left, the logo revamp he did was replaced and Mathias Augustyniak and Michael Amzalag of M/M Paris were brought in as creative directors. Baron is said to be talking to top talent about coming back with him — M/M Paris do not appear to be currently working on the August 2009 issue and are expected to leave the magazine  — will he revert the logo as well? [WWD, FWD]

>> INSIDER WIRE —The 2009 CFDA Awards show is coming up next week, and in addition to short films of the Swarovski nominees being shown, COACD is hearing that there will be a mini fashion show. As for which of the nominees are going to be honored, Refinery29 predicts Marc Jacobs will win Accessory Designer of the Year, Rodarte will take home Womenswear Designer of the Year, and Jason Wu will score the Swarovski Award for Womenswear. [COACD Twitter, Refinery29]

>> ON THE CAMPAIGN TRAIL —As rumored, Emma Watson was photographed near Burberry's new London headquarters by Mario Testino for the brand's Fall 2009 campaign.  The campaign highlights the label's British heritage with a peek of the River Thames, which Christopher Bailey calls a "wonderfully historic part of London," in one ad, and reiterates the heritage with the choice of British actress Watson.  The decision to use Watson does, however, represent a shift in casting for the brand, from featuring models — in the past Eden Clark, Lily Donaldson, Agyness Deyn — to a celebrity. [Telegraph, The Cut]

>> The July 2009 cover of Harper's Bazaar has become quite the controversary.  The newstand cover features a paparazzi picture of Angelina Jolie, from a red carpet last December, pulled from a photo service, and there is no interview with the actress inside.  The subscriber's cover, on the other hand, is a portrait of Doutzen Kroes taken by Terry Richardson, with an accompanying editorial inside.

Glenda Bailey writes in her editor's letter: "For a magazine, the best accessory is a beautiful woman on the cover. This month, we have two."  Her readers seem to disagree — the Angelina cover has caused an uproar. As Fashionista puts it: "Bazaar is meant to be one of our venerable American fashion magazines. And this reeks of tabloids more than fashion."  A chorus of comparisons to Grazia, InTouch Weekly, and US Weekly from various fashion outlets chime in.

It's an "obvious sales ploy" »

>> INSIDER WIRE —Despite reports to the contrary, Emma Cook is not shuttering her label. Instead of showing in February, she had "a really big, long, hard think" and "decided to focus on making my clothes more affordable from now on. I spent the season working out ways to halve my retail prices, working with new suppliers, things like that, and dropping the show." She aims to keep her dresses in the £200-300 range; Her spokesman told Grazia that Emma will be looking at her archive, re-issuing some key pieces, and continuing to collaborate with Topshop. [Independent UK, Grazia]

>> INSIDER WIRE —If editorial director Glenn O'Brien leaves Interview as rumored, Fabien Baron might be back to run the show.  While the magazine's owner Peter Brant is embroiled in a messy divorce, his son, Brant Publications' new president Ryan Brant, is said to be running the show and wants Baron, who was popular with advertisers, back.  Discussions between Baron and Brant have gone far enough that Baron has approached top talent about returning to Interview with him. [FWD]