French fashion house Theirry Mugler has “mutually agreed” to part ways with Nicola Formichetti, its creative director of two years. Hired in 2010 after gaining notoriety as Lady Gaga’s stylist (she walked in his debut runway presentation), Formichetti is credited with reinvigorating the sleepy brand. In his five seasons as creative director of both the label’s men’s and women’s lines, Formichetti produced entertaining runway shows with a millennial appeal. His space-age designs however, often received mixed reviews.

In a release issued to The Daily Beast, Joel Palix, the president of Clarins Fragrance Group and director general of Mugler said “In the two years of his tenure Nicola has accomplished our original mission of bringing his energy to the brand…Nicola has been instrumental in attracting a new audience which is undeniably crucial for the future strategy of the house.”

Heidi Klum's Rescue: Heidi Klum saved her 7-year-old son Henry and his two nannies from a riptide in Hawaii on Sunday. The supermodel told US Weekly of the valiant move: “Of course, as a mother, I was very scared for my child and everyone else in the water," she said. "Henry is a strong swimmer and was able to swim back to land. We got everyone else out safely.” Photos of the rescue have also been released. [The Daily Beast]

Angelina Jolie's Jewelry Fund: Angelina Jolie is releasing her Style of Jolie jewelry line into stores for the first time in order to help fund an all-girls school that she’s just opened in Afghanistan. The designs will exclusively retail at Tivol, a jewelry store in Kansas City. “Beyond enjoying the artistic satisfaction of designing these jewels, we are inspired by knowing our work is also serving the mutual goal of providing for children in need,” Jolie told E! News. [E!]

Kate Middleton has been a massive boost not just to the Royal Family’s popularity but also to the finances of its charitable arm, the Royal Collection (£4m pounds in wedding china, £10m in ticket sales to see her wedding dress) so no surprise that  Kate’s people have now applied to the Intellectual Property Office to trademark her royal title, the Duchess of Cambridge, so that it can be used on "a wide range of goods and services" which specifically include clothing, footwear and headgear.

The latest revelation will add fuel to speculation that a special range of baby clothes will be produced to mark the birth of the royal baby, expected in early July.

It may seem difficult for a fashion brand to design something that’s widely reviled by both men and women. But the company Jeffrey Campbell has done just that with its clunky monster of an ankle boot, called the ‘Lita’. Simply put, the shoe looks like an elephant on your foot.

They may be the most popular ugly shoe on the planet: The boot, with its two-inch platform and 5.25 inch heel, is the Clydesdale hoof of modern footwear. In three years’ time, the Lita has been issued in a surplus of heinous fixings: multicolor glitter, curlycue sheepskin, and even a cat tapestry fabric.

Dolce & Gabbana's Hefty Fine: Dolce & Gabbana has been fined 343.4 million euros (roughly $440.2 million) by Italy’s Tax Commission, plus additional interest fees, WWD reports. The charge follows a first degree sentence by the Italian Supreme Court in November 2011 that condemned the Italian company for alleged tax evasion in conjunction with the sale of the Dolce & Gabbana and D&G brands to holding firm Gado Srl in 2004, reportedly to avoid higher taxes. The hefty fine marks the denial of an appeal by co-founders Domenico Dolce and Stefano Gabbana. The designers can still potentially avert the fine if they choose to appeal again. [WWD]

Saint Laurent’s New Muse: Hedi Slimane brought the ‘90s back with Saint Laurent’s grunge-infused fall collection, and now the French label reportedly has a new face for the lost decade: Marilyn Manson. The dark rock musician appears to star in the brand’s spring ad campaign for menswear, according to a photo Nicola Formichetti posted on his Tumblr page. [Fashionista]

Princess Diana was a hero to many in the gay community thanks to her groundbreaking hospital visits to patients dying of AIDS (it seems hard to believe now, but Diana shocked the world with her compassion by simply holding hands with a stricken victim while the cameras were rolling), but it seems her fondness for the gay community extended to gay nightlife. For a new book reveals that Diana, dressed in a military jacket, dark shades and policeman's hat, once visited a gay bar with the Queen singer Freddie Mercury.

Florida-based fashion company Lyn Dorf has come under fire for prematurely putting bridal on the brain with its 'Future Bride' onesie. The bodysuit, which currently retails for $14.99 on maternity e-commerce site Zulily, is bridal white and has “Future Bride” inscribed across the chest in rhinestone letters.

According to the item’s product page, it’s designed for infants starting at six months old and features three snaps on the bottom for easy removal. The five-year-old company sells other cheeky onesies too, some that say “Babies Just Wanna Have Fun” and “Born to Wear Diamonds" across their chests.

All Hail, Bernard Arnault: Bernard Arnault, chairman and CEO of French luxury goods company LVMH, has been rewarded by the British monarchy. According to WWD, Prince Charles awarded Arnault the title of “Knight Commander of the Most Excellent Order of the British Empire” in an intimate ceremony at his London residence earlier this week. Arnault’s new U.K. title enables him to put the initials KBE after his name. [WWD]

Speculation About Pope’s Shoes: Residents of Novara, a town in northern Italy where the papal shoemaker Adriano Stefanelli runs his shop, reportedly can’t stop talking about Pope Francis’s footwear. LVMH-owned website NOWNESS sent photographer Toby Glanville to the city to find out more about the newly ordained pope’s shoes, and he reported that rumors were heavily circulating. According to the cobbler, Francis is likely to opt for a more muted color than Benedict’s signature red: “The new papacy is all about humility, so Stefanelli said they are most likely to be black,” Glanville said. [NOWNESS]

Buzz Bissinger is a shopaholic. In a candid, 6,000-word article in GQ, he detailed his addiction: 81 leather jackets, 75 pairs of boots, 41 pairs of leather pants, and 115 pairs of leather gloves—a buying spree that burned through more than $600,000 in two years.

China's Stylish First Lady: China’s new first lady, Peng Liyuan, is shaping up to be China’s own Kate Middleton or Michelle Obama. The 50-year-old professional signer’s wardrobe has become a viral Internet topic in China, prompting many Chinese sites to block her name from search options. TIME reports that China’s first lady typically keeps a low-profile, but that Peng could serve as a political blue chip. “Because of her performer’s background and presence, I think she will definitely add points for her husband,” Tian Timiao, an associate professor at Shanghai’s Conservatory of Music told The New York Times. “It could make her into a diplomatic idol.” Meanwhile, copies of her clothing are quickly being manufactured for sale on Chinese e-commerce sites. [TIME]

Cate Blanchett's Reported Armani Deal: Cate Blanchett has signed a $10 million fragrance deal with Armani, reports the New York Post. Blanchett, a longtime red carpet fan of Armani’s Privé line, is known to steer clear of celebrity endorsements, with the exception of her SK-II beauty contract. It’s unknown what fragrance Blanchett will represents in ads and when they will debut. [Page Six]