H&M’s Profits Are Down; Lady Gaga Is Apparently Wearing Valentino This Month Too

Photo: Jun Sato/WireImage

• Despite saying she’s "wearing only Versace for like the next two months," Lady Gaga wore a Valentino jacket in a Japan airport. [Red Carpet Fashion Awards]

• H&M's input costs rose this year due to pricier materials and higher manufacturing expenses, so despite their shmancy collaborations, the company's profits are down. [WSJ]

• Apparel labels Splendid and Ella Moss, both of which are owned by VF Corp, are working on women's shoe lines. Splendid's will be unveiled in August for spring 2012, while Ella Moss's will show in September for fall 2012. [WWD]

• Eric Wilson called garments in yesterday's Valentino resort show "impractical, but nevertheless fresh." [On the Runway/NYT]

• Frédéric Castet, who designed furs for Christian Dior, has died at age 81. [WWD]

• Here are some more details on Kate Moss’s wedding, which may well include a performance from Snoop Dogg. [Fashionologie]