Photo: Getty Images

Last night at the party to celebrate the launch of Louis Vuitton's Stephen Sprouse collection at Deitch Projects, rapper Ice T explained that rich people are cutting back during this recession. "Unless you're ultrarich, like to the point where you can't go broke, motherfuckers are buckling and tightening their belts. I mean, me and my wife, I'm on a hot television show [Law & Order], but this year we're like, let's spend a little less, not splurge," he said, noting he, too, can get fired. "You don't want to be like, 'Damn, I wish I didn't buy that $8,000 jacket.'" In fact, last night Ice T wore a $100 suit made in Bangkok. "Being sharp is more about how you carry yourself," he continued. "This chick is walking down the runway, her stockings are torn, dragging her shit — it's attitude. You walk in the room, motherfuckers be like, 'Damn, who the fuck is that?' It's not about the name tags at the end of the day." Could he foresee an age where people buy so much less clothing that they start, uh, walking around nude? "Not in New York. Not with the weather out here," he said. "My wife — everybody knows Coco likes to show her body, but I tell her all the time, 'If everybody looked like you, they'd be walking around naked. You're lucky.' And she's like, 'I just want to be nude.' And I'm like, 'Yeah, because you look good.'" Aw.

Get other recession tips from Marc Jacobs and Jeffrey Deitch by viewing our Party Lines slideshow.

The hair!Photo: Getty Images

HAIR
• Before Daisy Fuentes was a model, she wanted to be a hairstylist. And this month she's launching her own all-natural hair-care line called Daisy Fuentes Style Pro. Dreams really do come true. [WWD]

MAKEUP
• Iman is "addicted" to tri-color bronzer. But that's probably because it's part of her own makeup line. [Allure/Daily Beauty Reporter]

• Barbie's 50th-anniversary celebration now includes makeup collaborations — Mattel enlisted Stila Cosmetics to do a line inspired by the doll. Out with the natural, in with the plastic. [WWD]

• Givenchy's new makeup collection is inspired by Bollywood, which means lots of golden glow and orange blush. [Style.com/Beauty Counter]

• The new Lady Dior face palette by Christian Dior looks like a mini-handbag. It's adorable and less than $100. [Teen Vogue]

Photo: Courtesy of H&M

A lucky reporter over at Grazia bumped into Matthew Williamson in the airport in Capetown, South Africa (it's okay — we'll have fun here building snowwomen this weekend). He told the magazine before he comes to New York to ready for the opening of his meatpacking-district flagship in five weeks — his first in this country — he's shooting the ad campaign for his H&M line, which launches this May. He's shooting the print ads in Mexico and the TV ads in Brazil (we can also build fun snow-Lagerfelds here). When Grazia asked Williamson if he'd be in the ads he replied, "Oh, that would be telling." Anyway, H&M leaked the above snapshots of Williamson with the line. They're a bit fuzzy, but it's a preview nonetheless! We're digging the cut of the dress on the right in Williamson's signature prints. Oh, sigh. May is too far away.

Matthew Williamson talks H&M collaboration! [Grazia]
Related: Matthew Williamson to Do H&M Collection

Photo: Patrick McMullan

More details emerge on the fate of Peter Som's label after yesterday's news of his split with financial backer Creative Design Solutions. The label will remain self-financed while it looks for another financial partner, and Som is working on the fall 2009 collection. It won't walk at Fashion Week next month, but label CEO Elana Posner told WWD that they're trying to find a way to show it to press and buyers.

“We had already planned on reducing the size of the collection,” Posner said. “We will work with our key accounts. We are exploring every option, whether it be a showroom presentation, a look book or private sales and press appointments. We plan to find a solution that meets the needs of our retailers and the press that is also cost-effective.”

The CEO of CDS said the company needs to focus on its other businesses: Lord & Taylor and the Bay department stores. Indeed, these are tough times for young labels like Som's, which started in 2001. "I remain creatively inspired and am looking forward to exploring opportunities where we can grow with the right partner, or on our own," Som said. Anyone else ready for 2010?

Peter Som, Creative Design Studios Split [WWD]
Earlier: Breaking: Peter Som Cancels Fashion Week Show

Gorgeous!Photo: Getty Images

We missed the Golden Globes in 2008 because of the writers' strike, but they're back this year. Of course, here on the Cut we care only about the red carpet. And surely you didn't think we'd leave you with the inane commentary of Ryan Seacrest and whoever else he's working the carpet with on E! (please, God, bring Kimora back). Oh no, the Fug Girls will live-blog the red carpet right here on Sunday from 6 to 8 p.m. There's so much to look forward to: Beyoncé, Angelina Jolie, and Tom Cruise, to name a few. Maybe, just maybe, one will enjoy a red-carpet moment as lovely as Reese Witherspoon's when she wore Nina Ricci in 2007. And maybe they'll all screw up spectacularly.

Photo: Courtesy of Fornarina

Finally, Lindsay Lohan's spring ads for Italian lifestyle brand Fornarina are out. We learned that Lohan landed the campaign back in May and confess that this isn't exactly what we had in mind. It's more, how should we say, going to a debauched costume party as Dorothy on the Fourth of July than we expected. Lohan looks fabulous, but the clothes just aren't her style. Say what you will about her leggings line — and we've said plenty — but we prefer her in her 6126 ads. You know, a little more vamp, a little less tart. See more photos after the jump.

Photo: Patrick McMullan

The rumors about Anna Wintour accepting a post in the Barack Obama White House are back. Even though Vogue already said the rumors were completely false. Nonetheless, "Page Six" is reporting that Wintour might leave Vogue to become Obama's ambassador to France. Now, the last time this came up "at least one person in the magazine industry" said such a thing was possible. But now, well:

[T]he fashion world is buzzing over the rumor that Wintour might leave "with a guillotine glee akin to that which preceded the death of Marie Antoinette."

See — the whole fashion world is aflutter. Additionally, the Post called Obama's transition team and a spokesman offered "no comment." So he didn't deny it. It's hard to imagine Anna giving up her clothing allowance and the exquisiteness her job allows her to surround herself with — from the models to the clothes to the socialites she employs — for a stuffy government job. But then again, if Sanjay Gupta can leave the glamorous life at CNN behind to become surgeon general, anything's possible!

PARISIAN ANNA [NYP]

Photo: Getty Images

• Macy's will close eleven stores in nine states, affecting about 960 employees. [Associated Press]

• Thierry Andretta has exited his post as CEO of Moschino. People think he's in the running to succeed Lanvin's CEO, who just left. [WWD]

• LVMH-owned site eLuxury.com is shutting down its retail operation over the next six months to become an online magazine about the luxury market. The company doesn't think the retail site is necessary when many of the brands it sells have their own online stores. [WWD]

• Fergie's getting married on Saturday, and H. Stern designed their rings and the jewelry for the wedding party. It promises to be a "blinged-out affair." How thoughtful. [WWD]

• The most recent winner of America's Next Top Model, McKey Sullivan, is on the cover of Forest and Bluff magazine (it's actually a local magazine in the area she's from, but it sounds funnier than that). She's on the up and up! [Top Model Gossip]

Photo: Shanna Ravindra

Donatella Versace is a well-known fan of Barack Obama. Her spring 2009 men's collection was even inspired by "the type of man Barack Obama represents." But the CEO of her fashion empire isn't such a fan of change. Namely, the price cuts clothing companies are enacting in response to the economic downturn. Prada's shocking Italians by thrusting sale signs in their windows in Milan, but Versace will do no such thing. CEO Giancarlo Di Risio said they don't want to make their merchandise available to teen girls:

"Our regular client was not queuing on January 3-4 in Milan or Rome but was on the slopes in St Moritz or on a boat in the Caribbean," he said. "We want to offer a real luxury and not to open our doors to the consumption of young girls who can put the designer handbag of their dreams on their arm with less than 300 Euros. We are not interested in that."

The lovely Catherine Malandrino.Photo: Getty Images

Remember when Catherine Malandrino judged Project Runway in Paris? And she was so elegant and dreamy and inspiring you would have traded lives with her? Well, we're in luck because she's returning to reality TV with a permanent judgeship on the next season of Make Me a Supermodel. So apparently that show's coming back for a second season! We suppose if Michael Kors judges Project Runway, there's no reason a designer of Malandrino's caliber can't judge Supermodel, but it's an interesting choice for her. Could she be looking for heightened visibility in These Economic Times? Then again, if that were true, why would she choose Make Me a Supermodel? We'll file that one under Mysteries comma Unsolved.

In other Make Me a Supermodel news, Tyson Beckford's co-host, Niki Taylor, has been replaced by 23-year-old Australian model Nicole Trunfio, who came in third at the Ford Supermodel of the World contest a few years ago. See what happens when you stop paying attention to these things? We know this is a lot to take in. Breathe through the nose.

Nicole Trunfio takes over from Niki Taylor on ‘Make Me a Supermodel’ [Sassybella]

Saving the earth, one beauty product at a time.Photo: Getty Images

MAKEUP
• Executives in the cosmetics industry are worried that Barack Obama may change the environmental policy to push for more regulations of certain chemicals. If he does, cosmetics companies would have to pay more for environmental-danger tests. Boo freaking hoo. [Cosmetics Business via Beauty Counter]

• Gray is overrated for the smoky eye, says David Hernandez, makeup artist for Make Up For Ever. Update a gray eye with raspberry, yellow, and blue-black hues while using the same smoky-eye techniques. Clever. [Beauty and the Blog]

FRAGRANCE
• Valentino's launching a new pink floral fragrance next month. Won't you let Valentino be your Valentine? [Now Smell This]

• A new British study reveals women are indeed attracted to men who wear Axe Body Spray. However, the reason is that the spray makes men feel more attractive and thus come across as more confident. Yeah, doesn't drinking do that too? [Gawker]

HAIR
• The barbershop Reamir & Co. continues to expand — so far they have seven locations in the five boroughs, with plans to open two more this spring. And they even have a new spokesperson, Japanese actor Cary-Hiroyuki Tagawa. Now that's the kind of growth we like to see (ahem, economy). [WWD]

• Ted Gibson's hair line is now available at Target. Rejoice. [Spoiled Pretty]