Is the Worst Over?

• Some luxury fashion companies think (or are hoping, at least) that the recession has "bottomed out," and the tide is "slowly turning." Let's hope so! [WWD]
• Related: Saks is hoping to now "wean wealthy customers from discounts" and "re-educate" them to pay full-price again. Good luck! [NYP]
• How are fashion mags hoping to remain relevant during the turbulent times? By hitching their titles to TV shows, naturally. Not that the strategy always pays off as editors might have hoped, as Elle (Stylista) and Marie Claire (Running in Heels) have discovered. [AdWeek]
• Homelessness is now "having a fashion moment." Make a note of it. [Cut]

• Which venue this Fashion Week will come out on top, the Bryant Park tents or Milk Studios? NYMag breaks down the competition. [Cut]
• Fashion's Night Out is complete: Even Rosie O'Donnell is participating. She'll be giving a reading at the Giorgio Armani store, apparently. [Page Six]
• Speaking of Armani, rumor has the Italian label got into a bidding war recently with Versace over Megan Fox. [Fashionologie]
• French Vogue editor Carine Roitfeld says she really doesn't own that many clothes, has decided to re-embrace the handbag and is moving on from the shag coat she's been wearing non-stop the past year or so. [Times UK]
• Good news: Designer Tara Subkoff appears to be "doing well" following surgery recently to remove a benign brain tumor. [Page Six]
• Opening Ceremony opened its Tokyo flagship this past weekend. In attendance: The Olsens, Alexander Wang, Erin Wasson, Kirsten Dunst, Jason Schwartzman, and Andy Samberg. [WWD]
Michael Kors just returned from an African safari. He had an absolutely fabulous time, in case you were wondering. [WWD]