Fashion news: Kelly Cutrone says luxury is over, Gianfranco Ferré up for sale, and Betsey Johnson, cheerleader

After filing for bankruptcy in 2009, Italian fashion house Gianfranco Ferré is up for auction this week. No, there is no physical auction block but there are a list of regulations to conserve the brand. [Vogue UK]

The Eaton Centre in Toronto is about to get a $120 million face lift. While exact plans are not yet confirmed, we do know they plan on keeping the Canada goose sculptures. Our friends at Toronto Life have suggested a coat check and special lanes for slow walkers. [Toronto Life]

Evan Rachel Wood is the new face of the Gucci fragrance campaign.  [Racked]

Luxury fashion? Over, says Kelly Cutrone. “That business exists in a city called Paris, France. That’s where that is.” [Racked, via The Cut]

We learned a thing or two about Betsey Johnson when she was recently honoured at the National Arts Club. Fact: She was head cheerleader at Syracuse University and dated the quarterback, (“basically achieving what I wanted in life.”) Fact:  She first opened shop 25 years ago (“I was thin and I looked like Keith Richards”) And fact: She’s thrice divorced and doesn’t mind: “I can’t think of having the time to think about what to do in bed.” [WWD]

Clothes for karma: Kenneth Cole has set up a a custom T-shirt shop on his Facebook page, with proceeds going to clean up efforts in the oil spill-affected Gulf region. [Racked]

After an 18 year hiatus, photographer Peter Lindbergh is making a triumphant return to American Vogue, with a 14-page spread featuring Natalia Vodianova and Ewan McGregor having wholesome family fun in beehives and three piece suits, respectively (obviously).  [Fashionista]

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