Fashion Roundup: Thakoon at Target; Liv Tyler and Georgina Chapman Do The Gap; Danny Masterson's New Store

Target confirmed yesterday that Thakoon Panichgul is set to design its next diffusion line, which will arrive in stores in September and be available through January. [WWD]

Despite causing a stir with her case of fashionably saggy jeans, Katie Holmes will not be designing her own line of clothing according to her publicist. [Vogue UK]

Narciso Rodriguez will be honored with a Special Achievement in Fashion Award at this year’s American Latino Media Arts Awards, which take place Saturday in Pasadena, California. Jessica Alba will present the designer with the award. [WWD]

Liv Tyler, Hugh Dancy, and Georgina Chapman will appear in Gap's fall campaign that was shot in black and white and features the first full collection by head designer Patrick Robinson. [Vogue UK]

Celebrity stylist Ilaria Urbinati is set to open an upscale boutique called Confederacy in Los Angeles, with actor and childhood friend, Danny Masterson. [FWD]

Chicago designer and longtime friend to Michelle Obama, Mario Pinto, is yet another contender in designing Mrs. Obama's inaugural ball look should her husband be victorious in November. [NY Times]