Karl Lagerfeld admitted that Chanel "[creates] a product nobody needs but people want," adding that "an ugly old car can wait, but if you have a new fashion item it cannot wait." We hear that (although we really could use that ugly old car). [via Telegraph UK]
J. Crew made a bag that costs a whopping $1,500! The J.Crew Edie Alligator Bag is only sold at their Madison Avenue flagship store and also comes in a more affordable python. As Purse Blog points out, most bags of this size and material usually cost several thousand more dollars when made by high fashion brands, so it's kind of a steal. But it still makes us feel weird.
Oh boy. [via The Cut]
Lily Cole may be dating Twitter founder Jack Dorsey. The two were spotted on a yacht doing couple-y things together. That's a power couple if we've ever seen one. [via Daily Mail]
Tory Burch and Chris Burch settled their lawsuit -- Chris will still own a minority stake in the Tory Burch label, which will hopefully keep his brand, C. Wonder, from copying their designs. [via The Cut]
Azealia Banks talked to HYPETRAK about the dangers of being a musician-cum-fashion darling, warning that "as soon as someone new comes up they've completely forgotten about you. They're so fickle, they've completely forgotten about you, and they completely disregard you." We'll never forget you, Azealia. [via Fashionista]
We so wish we were at Editta Sherman's New Year's Eve bash so we could tell you what she and Bill Cunningham dished about. It would definitely make our list of Top 10 Party Hard Moments of 2012.
Speaking of things we want but don't need: behold the Margaret Howell 2013 Calendar. [via Everyday Needs]