The Style File Daily Cheat Sheet

Lady Gaga's Interest in Millinery, JCP's Future Looking Strong, Wal-Mart and A&F Better Than Expected, Coach and Target Settle Lawsuit, Vena Cava's Garage Sale

(Vogue)Lady Gaga and Milliner Philip Treacy

"Lady Gaga is set to take her relationship with fashion to the next level, by learning to create her own unique headwear under milliner Philip Treacy. The singer has applied for an internship with Treacy after the two worked together on several headpieces to accompany her extravagant stage outfits." read more

(WWD)Penny Reports Strong Performance

(style.com)Vena Cava Cleans Out It's Closets

Vena Cava is having a virtual garage sale which runs June 1 through June 30 (or until it’s sold out).  In true garage sale fashion, there will be items for sale that range from paperbacks, decorations, clothes from the designer's personal collection and some archived Vena Cava pieces. But we are really curious as to who will purchase Mayock’s birth certificate and Social Security Card!? To buy go to www.venacavanyc.com. read more

(Bloomberg)Settled: Coach vs. Target on Handbag Infringement

"Coach filed the suit last October to impel Target to stop selling the bags. It sought an undetermined amount in damages, injunctive relief and attorney fees in its complaint filed in U.S. District Court in Manhattan. "We respect the integrity of all brands, including Coach, and are pleased that this matter has been resolved in a manner beneficial to all parties involved," said Rick Darling, LF USA president." read more

(WWD)Retail Stocks Down 1.4%

Quarterly earnings were reported today and all four retail firms surpassed analysts’ expectations for the just-concluded quarter, but their outlooks for the second quarter and beyond fell short of Wall Street’s projections. "While retailers reporting results today — including Wal-Mart Stores Inc., Saks Inc., The TJX Cos. Inc. and Abercrombie & Fitch Co. — generally registered improved first-quarter results, all expressed some degree of caution about the strength of the economic recovery." read more

(WWD)Gucci America President Vitale to Exit

"Gucci America Inc.'s president Daniella Vitale is leaving the company effective May 26. Vitale joined the company in 1999 as vice president of wholesale, and was promoted to president in 2006. In that time, she has been credited with growing Gucci's retail business in North and South America, as well as Gucci's philanthropic programs, including partnerships with UNICEF, Tribeca Film Institute, The Film Foundation and Dia Art Foundation."

Today on Fox Business: retail sales and the holiday weekend.

Happy MLK day!! I'm going on Fox Business today at around 2ish to talk about if door buster sales and major mark downs on weekends like this one as well as President's Day will effect over all retail sales. The short answer is: No. When you are about to be in a recession, the last thing on your mind is buying a flat screen that's on a 75 percent mark down!! Instead, you are going to stock up on things like canned food, gas and band aids ( I get major blisters from my Prada sandals in the summer)!! Also, the retailers like Target, Macys J.C. Penny and The Gap Inc. are in a pickle right now. They have huge inventories they need to move and no one to purchase them. So- even if they offer some serious discounts to their merch, it's not going to really have a huge effect on their profit margins. I realize no one can predict the future, but I wonder if retailers looked at sub-prime debacle more carefully and took that into consideration when stocking their shelves full of luxury goods, the retail industry would be in better shape. My prediction: everyone is going to start looking abroad because (as much as it breaks my heart to say this) America is just not where it is at right now. Sad.