Liz Claiborne Cuts Costs; Richard Prince Rejects TomKat

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• Liz Claiborne is cutting costs by slowing the rollout of Juicy Couture stores and scaling back expansion plans for Kate Spade and Lucky Brand next year. [WWD]

• Though she was rumored to be shopping around a 30 percent stake in her company, Tory Burch said it's not for sale. Also, "I don’t think women want to be over-the-top anymore [in this economic climate]. They want something that’s chic and elegant, but not such a big statement." [WWD]

• TomKat approached Louis Vuitton collaborator Richard Prince about working on a project for them, but he declined. Oh, where will Suri get her handbags?! [British Vogue]

Karl Lagerfeld: "Fashion is a harmony between beauty and utility …The red carpet distorts fashion by giving it a fake and too-glamorous face.” [WWD]

• Check out pricey Hello Kitty–themed clothing, jewelry, and shoes at the just-opened Sanrio Luxe store in Times Square. [Racked]