The recession has finally hit the fashion industry. Both Betsey Johnson and Carmen Marc Valvo will not show under the very expensive Bryant Park tents at New York Fashion Week in two months. [Fashionista]

Count Vera Wang in, too. The designer has chosen to present her fall '09 look in her New York store instead of Bryant Park next season. [The Cut]

Temperley London has been preparing a full-scale digital presentation of its fall 2009 collection. [Fashion Week Daily]

Bill Blass, well, there won't be any show to speak of for that label seeing as it will be closing. [On The Runway/NYT]

Phew. Nini Ricci will not be shutting down anytime soon. But if they don't pay their designer Olivier Theysken's what he's worth he will most definitely be gone. [WWD]

Sneak Peak: T by Alexander Wang. It's fierce, darling. [Chic & Untroubled]

Supermodel Jerry Hall will be the new face of Chanel. [Vogue UK]

Confessions of a Shopaholic drops in theaters on Feb. 13. If you can't wait that long, here's a sneak peak. [Fabsugar]

Hooray! There will be three more years of Kate Moss for Topshop collections. [Fashionologie]

FYI: Pretty, environmentally friendly jewelry makes a great gift for the eco-minded. [She Finds]

Did you watch the Stylista finale? If not, watch Megan -- the show's resident evil diva -- flip out. [Jezebel]

Ooohh la la. Champagne beauty products sounds really luxurious right now. [Nylon]