• Recession who? Banana Republic opens its first "BR Monogram Collection" store today, where you'll find Banana Republic clothes at 30 to 40 percent higher prices than regular BR stores. We don't know why either. [WWD]

• Gwen Stefani's L.A.M.B. line will soon include $1,500 handbags inspired by vintage British sports cars. Maybe she didn't get Xtina's memo about "what a girl wants." [WWD]

• On designer Graeme Black's first day working for John Galliano, he painted the walls; on his second day, he cut chiffon. So that's how they start out (cough, Project Runway, cough). [WWD]

• The fake counterfeit operation Louis Vuitton set up at the Takashi Murakami opening-night party included faux vendors hissing at passersby in fake Chinese and African accents. How politically correct. [NYT]

• The place mats from the Takashi Murakami–Louis Vuitton dinner party are selling for $2,000 on eBay. Maybe counterfeiters really should rethink the handbags. [NYDN]

• Kristin Davis owns a fake Louis Vuitton handbag she claims was a gift. [WWD]

• Maybe Davis should invite that gift giver over for popcorn and a guilt trip when National Geographic's PBS documentary about the counterfeit industry airs on April 16. [WWD]

• Why you don't take Zac Posen to a party? He sounds like an awesome date, the kind who tries to teach partygoers how to "ninja" dance. [NYP]

• There's some sort of gross love triangle going on with the Olsen twins and Whitney Port. And to think we thought Port was above sloppy thirds. [NYP]

• Daks will stop making high-end womenswear, but don't fret! They don't sell it here anyway. [WWD]

• Today in "no surprises" news: British Glamour's top five best-dressed woman include Kate Moss, Jennifer Aniston, and Scarlett Johanssen. [Mirror]

• And in case you were wondering, Helena Christensen designed a necklace for a Pilgrim jewelry, a company she models for. [FabSugar]