Talbots Struggles; Katy Perry and Lady Gaga Go Pantsless Together

Lady Gaga.

• Stores in the "misses" category like Ann Taylor and Talbots are doing really badly in this economy. They're losing customers to Wal-Mart and department stores offering "compelling deals." [WWD]

• Some high-end watch companies like Rolex tried to resist flaunting piles of $75,000 watches at this year's Baselworld watch and jewelry fair. And then there was Christian Dior, which showed off its most expensive watch ever: a $1.3 million Dior Christal Tourbillon designed by John Galliano with 66 rare Siam rubies from a mine in Thailand. [WWD]

• Katy Perry and Lady Gaga are pretty good friends, having bonded over their distaste for wearing pants. [NYDN]

• Geri Halliwell: "I wish I'd never worn an American flag motif swimsuit to the MTV Awards when I was in the Spice Girls. This was me hating myself and hiding under mountains of make-up." [Independent UK]

• Alec Baldwin is supposedly dating Joanna Cox, the winner of Stylista. Sigh. [Perez Hilton]

• A critic argues that the $1,595 cracked-leather Bubble Boudoin bag by Jil Sander isn't worth it. Hmmm. [Bag Snob]