Jessica Stam is hard at work on her Rachel Rachel Roy capsule collection with Roy in her New York showroom.

Gap founders donate major art collection to the San Francisco Museum of Modern Art.

Todd Selby will photograph a Crate & Barrel advertising campaign starring Becka Diamond.

Disco ball bras and Kermit the Frog coats — take a look back at Lady Gaga's greatest sartorial moments courtesy of New York magazine.

Salvatore Ferragamo is reissuing replicas of Andy Warhol's paint-splattered asymmetric lace-up shoes. The limited-edition pieces will be priced at $990.

Ann Taylor's new design director Lisa Axelson is looking to give the brand a higher profile through a more stylish offering this fall. Inspired by Paris in the 1920s, Axelson presented her fall 2010 collection in New York's Ace Hotel with Rachel Bilson and Christina Hendricks in attendance. To be sure, there were classic workwear pieces for which Ann Taylor is known, but we also spotted a new lineup of fresher-looking separates (short, ruched dresses and military jackets) and noteworthy accessories (lace-up, open-toe booties and oversize costume jewelry) that will surely attract a new crop of much younger shoppers. “I feel like we’ve evolved, but we still have a foot in the past,” said Axelson.

Carla Bruni-Sarkozy remains the first lady of fashion, as she confirms rumors she will guest edit the French weekly, Madame Figaro magazine. Hitting newsstands this Saturday, the issue features an article with Bruni-Sarkosy in which she responds to gossip surronding her marriage with French president Nicolas Sarkozy and blames the worst rumors on bloggers:

“[Rumors] have always existed. But I despise those that stem from a blog and that are written by people calling themselves Mickey or Superman,” she says in the issue. “I also despise so-called journalists who use blogs as a credible source of information.”

The weekly magazine will also feature one-off sketches from Karl Lagerfeld and Jean Paul Gaultier, a story on Bruni-Sarkozy's charity projects, a profile on Bono, and photographs of Marine Delterme by Ellen von Unwerth.

>> For two consecutive seasons, Pierre-Yves Roussel, CEO of LVMH's fashion division, has been front row at Rodarte's show. But according to Fashion Week Daily, LVMH may have lost out on being the first to employ Laura and Kate Mulleavy.

The sisters are reportedly in contract negotiations with French furrier Revillon, which Peter Dundas last designed for; the company opted not to show during the most recent Paris Fashion Week due to lack of a designer.  The Mulleavys' first collection for Revillon will apparently be shown in July alongside Paris couture. "It's still a huge secret," The Daily's source said. "But the higher-ups at Revillon started pitching it to retailers during Paris Fashion Week."

Brian Phillips, Rodarte's spokesman, denies the reports. "Rodarte is not designing for Revillon."

>> Theory's Andrew Rosen to Invest in Proenza Schouler? —Early on this month, reports came that Permira, which owns a minority stake in Proenza Schouler, was shopping its interest in the label around. Now, Fashionista's sources report that a day after the news broke, Jack McCollough and Lazaro Hernandez met with Andrew Rosen, CEO of Theory, who is an investor in labels like Rag & Bone and Alice + Olivia. There's no confirmation, but the timing suggests that perhaps Rosen is considering an investment in the brand. [Fashionista]

Irina Lazareanu is working on her first fashion collection with Japanese retailer Seibu.

The Mulleavy sisters could be the next designers for Revillon, a position vacant since Peter Dundas left earlier this month.

Jean Paul Gaultier will receive an Inspiration Award for his lifetime contribution to men's fashion and the fight against Aids.

Despite yesterday's reports, Asim Abdullah, owner of Emanuel Ungaro, says the company is not for sale.

Tom Ford launches a beauty business with his Private Blend Lip Color collection. “This is my take on 12 classic lip colors,” Ford told WWD. “I took the most universally flattering colors that a woman can wear, and then I reimagined them in a modern and authoritative way."

Tom Ford is also quietly ramping up his womenswear team with new hires from Givenchy, Alexander McQueen, and shoe designer Michael Lewis.

>> Nicola Formichetti has made quite a name for himself as creative director of Dazed & Confused, and more recently, as Lady Gaga's stylist. But when he was first starting out, as he told French quarterly magazine WAD in the new Spring 2010 issue, his titles were more humble . . . that of fashion thief and "stalker":

I was the biggest Vivienne Westwood fan. So I started working at her store. I used to steal a lot of things there. One day, the manager told me, 'People have been stealing. We now have to check everyone before the leave the store.' That day, I had a bag full of accessories. So I threw it into the bin. My plan was to wait for the cleaning lady to throw the bins outside, and then to retrieve the bag. She came 30 minutes after closing. And just when I was ransacking the bins, I saw my manager watching me. He started yelling: 'You will never work here again.' [Laughs]

He also stalked Alexander McQueen from afar »

>> Owner: Ungaro Not for Sale— Despite reports yesterday that Asim Abdullah, owner of Emanuel Ungaro, is looking for a buyer, Abdullah says not so. “It’s absolutely not true. The company is not for sale. We are not entertaining any conversations with anyone about the sale of the company." The brand recently terminated its lease on its Madison Avenue store in New York, trading for a smaller boutique to open next month. Abdullah acknowledged that his goal is to make the brand "sustainable" by 2011. [WWD]