>> Vogue Italia editor Franca Sozzani took home the grandest honor France has to offer on Wednesday when she was inducted into the Legion of Honor — and she chose a distinctly Italian dress for the occasion.

Sozzani donned one of the black-and-gold embroidered dresses Domenico Dolce and Stefano Gabbana sent down the runway during their Fall 2012 show, and allowed French president Nicolas Sarkozy to affix her new legion pin to it in the ceremony this afternoon. She follows in the footsteps of American Vogue's editor Anna Wintour, who wore a Chanel couture suit that had been on the runway less than 24 hours before her induction ceremony last year. But even if Wintour hadn't won the award, Sozzani would still be in good company. This year's other inductees included actress Michelle Yeoh and pianist Aldo Ciccolini.

The newly knighted editor told Interview in a recent profile that she's successful because she's always had the freedom to experiment and do what she wants to do with her magazine.

"Everybody can give me their suggestions, but at the end, the final risk is mine because it's my name on the magazine. So I only do what I really feel. Everybody tries to influence you, of course . . . I listen, but I must go my own way."

>> Those stories and more in our daily news roundup.

>> The rumors are true — Derek Lam's contract with Tod's is set to expire this Fall, and the company doesn't appear eager to renew it.

In a statement released Tuesday afternoon, the company said it's looking for someone to replace Lam after his current contract ends on Sept. 30. It made the announcement on the same day that it reported a profit increase of 24 percent from last year, and said it would actively be looking for someone who has the time and energy to fully dedicate himself or herself to the job. The Financial Times posted the statement in full:

"Following the rumors of an alleged termination of the collaboration between Tod's and Derek Lam, the company confirms that the agreement between the parties is set to terminate on 30/9/12. In the meantime, Tod's is in the process of evaluating its options, considering that, based on the company's future development plans, the role of the Creative Director of Tod's will be central and even more important. The choice will therefore be directed toward an individual with great creative talent and able to commit the necessary amount of time to the success of the brand."

That last part, about being "able to commit the necessary amount of time to the success of the brand" suggests that the company is on the hunt for a designer who isn't already running a (or in Lam's case, two) successful clothing line.