Fashion Roundup: Who Will Design Michelle Obama's Inauguration Dress?; Té Casan Out of Business; Thakoon for Target Revealed

Designers including Isaac Mizrahi, Carolina Herrera, and Betsey Johnson have submitted to Women's Wear Daily sketches of the dresses they'd like to design for Michelle Obama for the Inauguration Ball on January 20. [WWD]

Zac Posen is reportedly at work on several lower-priced diffusion lines. [FWD]

Té Casan, which used to carry Natalie Portman's vegan line of shoes, has officially gone out of business and closed for good on November 30, a store associate has confirmed. [The Cut]   

Claudia Schiffer has succeeded Naomi Campbell as the face of Yves Saint Laurent for the label's spring/summer 2009 campaign. [Vogue UK]  

Here's a slideshow of Thakoon's full collection for Target, which launches Christmas day. [The Cut] 

Elle creative director and Stylista judge Joe Zee and designer Karl Lagerfeld became Facebook friends on December 1. [FWD]