Justin Timberlake's line, William Rast, will be showing at the tents at Bryant Park this year, but don't expect a performance from the singer. [WWD] 

While her husband rescues the economy, Michelle Obama will save the fashion world. [NY Times] 

Vogue editor Anna Wintour is rumored to be in the running for a post within the Obama administration as an ambassador to England or France. [FWD] 

Jimmy Choo has teamed up with Hunter and created a Wellington rain boot with crocodile print, a gold buckle and leopard lining. [Vogue UK] 

House of Valentino has spoken out to clarify that its retired designer, Valentino Garavani, was not affected by Bernie Madoff's scheme. [WWD]