1. Valentino has been purchased for $858 million! Wowza! It was bought by Mayhoola for Investments which is controlled by the Royal Family of Qatar.
2. The Olympic outfits designed by Ralph Lauren has been causing quite a stir. It's because
a. THEY ARE MADE IN CHINA! (WHAT THE?)
b. THEY ARE WEARING FRENCH BERETS!
How Americana of you Ralph? Oh well, I was secretly hoping Marc Jacobs would design the Olympic outfits but maybe it's the Polo shirts that sold him.