A.P.C.'s Kanye West Collection Is Basically Sold Out: Demand was so high for the A.P.C. x Kanye West collection when it was released on Sunday morning that the brand's website crashed. At the A.P.C. store in New York, shoppers began to line up at 7 a.m. All sales in the store were final. The collection included t-shirts featuring street wear brand Been Trill, jeans, and hoodies. Fans were angered by the steep prices though: T-shirts are $120, jeans $265, and hoodies $250-280. The short sleeve hoodie, the collection's most sought-after item, is now being sold on eBay for over $600. Although most of the collection is sold out both in stores and online -- the "Hip Hop T-Shirt," (which is actually just a plain white t-shirt) is one of the few items still available. Customers are able to pre-order items to be delivered when they're back in stock. [Complex]

Max Azria Cedes Company to Guggenheim Partners: Fashion brand BCBG Max Azria will leave investment firm Guggenheim Partners LLC controlling interest of the company as it faces insurmountable debt. Of the brand's roughly $685 million debt, $475 million is now held by Guggenheim Partners. Mr. Azria, now 64-years-old, is expected to maintain an "advisory role," reports The Wall Street Journal. The brand's debt accumulated with unsuccessful partnership decisions, including one with Wal-Mart -- and outstanding loans. [Wall Street Journal]

Alexander Wang Gives Away Free Clothes: After announcing a "top-secret" event on the High Line in New York City last Tuesday, Alexander Wang surprised everyone by hosting a clothing giveaway for around 100 lucky shoppers. Those looking to solve the mystery of the top-secret event stood in line beginning at 7am, but weren't let inside until 2pm. Once inside, event-goers could grab as much as they could carry, resulting in a mad dash and a frenzy of swapping outside the event. Merchandise included men's and women's clothing of all sizes but no shoes or bags. [Racked]

Michael Kors Sues Costco: Michael Kors is suing wholesale warehouse club Costco for false advertising. The suit, which was filed on Thursday, claims that e-mail blasts sent by Costco on April 16th claimed to sell Kors handbags. Kors accuses Costco of "lur[ing] unsuspecting customers away from bona fide Michael Kors retailers and into Costco stores." Upon further investigation, Kors claims to have found none of their products actually being sold in Costco retail stores. WWD reports that Costco has been sued numerous times in the past for selling counterfeit products by brands like Tiffany & Co. and Yves Saint Laurent. [WWD]

John Galliano To Design Costumes?: After having his teaching position at Parsons revoked and apologizing publicly on Charlie Rose, there may be a silver lining in designer John Galliano's future. Actor and comedian Stephen Fry plans to direct and star in a production of The Importance of Being Earnest next year, and rumors say that Galliano will be the costume designer. According to The Daily Mail, Fry has also been in talks with designers Roland Mouret and Sarah Burton of Alexander McQueen, so Galliano may face steep competition. [Daily Mail]