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• Valentino didn't lose money in a giant Ponzi scheme. He did, however, just lose $39 million to the government of Italy. [NYM]
• Neiman Marcus is laying off 375 staffers. [WWD]
• That giant Forever 21 in Times Square? It's actually going to be a Century 21. [Reuters]
• Disney and Sephora have lots in common. [NYT]
• Liz Claiborne is expected to report big losses for the fourth quarter. Isaac to the rescue! [WSJ]
• Alas, no bar is planned for Topshop. [Racked]
Annie Leibovitz was spotted at the Hay-Adams in DC yesterday, suggesting Michelle Obama could be on the cover of March's Vogue. [Politico, via]