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• Karl Lagerfeld on the recession: "Bling is over. Red carpety covered with rhinestones is out. I call it 'the new modesty.' " Of course, said recession isn't affecting Karl personally, who says he has "no budget" and that "throwing money out the window brings money back in through the front door." [NYT]
• Saks is laying off 9% of its workforce. [WWD]
• A clip from The September Issue, the new Vogue documentary, is online. [Fashionista]
• Roberto Cavalli is selling a stake in his company. [FWD]
• The Forever 21 that turned into a Century 21 is a Forever 21 again. [Racked]
• Designers are scrambling to dress inauguration-goers, not that most residents of Washington seem to be terribly interested. [NYT]