We have some terrible news. As of about 30 minutes ago, Women's Wear Daily is reporting that the annual masquerade holiday party thrown by Marc Jacobs and his best friend and longtime business partner Robert Duffy--has been canceled due to the current economic situation. 

"Due to the financial climate, I had to make the decision to cancel the 2008 holiday party," Mr. Duffy wrote an e-mail that went out earlier today to guests invited to the annual bash, which had been scheduled for Dec. 10 at the Rainbow Room and was to have a "Rock and Roll Circus" theme. "It pains me as this has been a Marc Jacobs tradition for the past 18 years.  read more »

Marc Jacobs and business partner Robert Duffy have settled on a theme of "Rock and Roll Circus" for their annual holiday party, to be held Dec. 10 at the Rainbow Room. [WWD]

Diesel will throw a 30th anniversary party in Brooklyn on Saturday night featuring performances by N.E.R.D., MIA, and possibly, Britney Spears. [FWD] 

For people in the fashion industry, seeing nude male and female models backstage at shows is hardly exciting. [NY Times] 

Vanessa Paradis, the new face of Miu Miu, on her life with Johnny Depp: "I'm really lucky. I do stay in wonderful hotels and houses and that's amazing, but we're not very social at all. We don't go to parties or premieres." [Vogue UK]

Sarah Palin wore a tote in public that reads "Real Women Hunt Moose." [Ecorazzi via Racked]

In this week's New Yorker, Ariel Levy writes about the transformation of Marc Jacobs from a "chubby Jewish guy" into what she describes as a "Superhero."

But even though Mr. Jacobs seems to be doing well these days, his famous obsessive streak (which has contributed to more than a few drug and booze binges) hasn't disappeared completely. 

"Marc gets enchanted with certain things at certain times," said Robert Duffy, the designer's business partner and best friend, told Ms. Levy.

There was Mr. Jacobs' interest in art that led him to borrow large sums of money. "He was buying art until I was like, 'Marc, stop! You've got to pay your taxes!" recalled Mr. Duffy.  read more »

Bee Shaffer can now make her bedtime. Marc Jacobs' fall fashion show will no longer occupy that oh-so-annoying-but-I-kinda-love-it 9 p.m. time slot, which normally becomes 11 p.m. before any clothes are actually seen. Now Mr. Jacobs’ collection unveiling, arguably the most “important” runway event in New York, will supposedly begin at 7 p.m. Not to fear, Upper-East-Siders—it will still be held in the New York State Armory on Lexington Ave.

Mr. Jacobs' business partner, Robert Duffy, said the switch was made “to give Marc as much time as possible to have the best show possible.” He then sort of switched back on himself, saying that the new, earlier hour would be more convenient for Mr. Jacobs’ audience. “I’d rather we be inconvenienced than everyone else.”

Apparently, the fashion label, which has never been known to pander to anyone, has been receiving complaints from people who end up missing dinner because of the late starts. “I cannot guarantee Marc won’t be late. One thing I do know is that he will try to have the best show he can, and [to do that] he will want to finish every piece and make each one as beautiful as possible. If it comes late, it comes late. This way, even if he’s two hours late, people can still go to dinner at 9 or 9:30,” Mr. Duffy said.  read more »