Theory Lays Off 50; Burberry’s Spring Ads Debuts

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• Theory laid off about 50 employees late last week. [WWD]

Burberry's spring ad campaign shot by Mario Testino is out, starring models Lily Donaldson, Eden Clark, Alexina Graham, and Richard Wyndham. [WWD]

• APC and Nike are collaborating on a capsule collection of tennis shoes. The canvas shoes, based on Nike's All Court model from the seventies, will be released in the spring and come with red, white, or blue swooshes. [British Vogue]

Lily Donaldson, surrounded by art at a party at Tom Sachs's Soho studio: "I'm so nervous I'm going to touch something I'm not supposed to. Like over there it says ashtray. But is it really? Am I going to burn down a million-dollar piece of art?" [Style File/Style.com]

• London obsession and TV presenter Alexa Chung wants to return to modeling. [British Vogue]