Georgina Chapman Goes High Street: Georgina Chapman is designing a limited-edition line of lower-priced clothes for J.C. Penny without the help of her Marchesa co-designer Keren Craig. Pearl by Georgina Chapman of Marchesa will launch on March 1st, ranging in price from $70 to $100. [WWD]

Chuck Hagel’s Fashion Grade: Chuck Hagel may be getting a lot of flack throughout his Secretary of Defense nomination process, but that hasn’t hindered fashion critics from taking a hit at the senator either. WWD gave Hagel’s signature look a B- grade in today’s paper, pointing out his puffy under eyes, his “padded, slopped” suit shoulders, and the “micro polka dots” on his tie. [WWD]

Lindsay Lohan Trashes Dress: Lindsay Lohan has reportedly trashed the $1,750 dress that Charlie Sheen helped her borrow. The actress apparently freaked out when the Theia gown ripped at a fundraiser and asked a bouncer for a pair of scissors so she could shear the hem into a mullet-type silhouette. [HuffPo Style]

Princess Diana Dresses for Sale: Ten of Princess Diana’s most iconic dresses will hit the auction block again on March 19. The famous gowns, originally sold in the princess’s charity auction a few months before her tragic death, are expected to fetch upwards of $30,000 each. [Vogue UK]

Reed Krakoff for Michelle Obama: It’s been revealed that Reed Krakoff is the designer behind the navy dress that Michelle Obama wore in her second official White House photo. It was custom-made for the occasion, and sources say that Krakoff and Obama worked closely to conceive its design. [WWD]

LVMH’s New Talent: It seems like LVMH got a little antsy when their competitor, PPR, decided to invest in emerging designer Christopher Kane. The fashion conglomerate, operated by Bernard Arnault, has announced that they’ve taken a minority stake in French couturier Maxime Simoens who will stage his first-ever ready-to-wear collection in Paris on March 3 with the firm’s financial support. Dior CEO Sidney Toledano was reportedly a driving force in the investment, and has been known to favor young French designers in recent years. “this partnership endorsement will allow the house to develop my creative vision internationally,” Simoens said in a statement. [Financial Times]