Courtesy of Chanel

For anyone who wondered why fashion icon Karl Lagerfeld picked British pop star Lily Allen to be the new face of Chanel’s Coco Cocoon collection, he cleared it up for Elle.com. The Kaiser explained that he “loves Lily’s humor, her cheekiness, her talent.” And the fact that she’s cute doesn’t hurt either, with Karl citing “her little upturned nose, and her perfect décolletage.” The British starlet, a regular at Chanel’s fashion shows in Paris, has also launched a jewelry line and is slated to star in Neil LaBute’s new West End production of Reasons to Be Pretty in 2010. Read more about Lily Allen and Chanel at Elle.com.

Courtesy H&M

When we first learned that Jimmy Choo was set to create a lower-priced line for H&M, we couldn’t wait to see the results. And now, we finally have a closer look at what will be hitting stores this November. The luxury shoe brand has expanded into clothing for its H&M collaboration, and one key piece will be this black sequined cardigan, $129. But don’t think they forget the accessories! We are especially loving the rocker-chic Claire black bag with diamond star, $99, and the bright pink plastic Kase bag, $60 — the perfect way to add a pop to your fall wardrobe. We can hardly wait to see the rest of the collection, prices ranging from $30-$299, which will hit H&M stores on Saturday, November 14.Tell us: Will you wait in line for the Jimmy Choo for H&M collection?

CLICK HERE TO SEE ANOTHER BAG FROM JIMMY CHOO FOR H&M!

Courtesy H&M

Harper’s Bazaar, inset: Karwai Tang/Landov

The fashion world is about to be dazzled by a new Versace It-bag — but this time it’s all in the name of a good cause. In the October issue of Harper’s Bazaar, Donatella Versace shares her newest charity venture: a bag created by children, to benefit children. “When you are successful in your life,” she explains of the impetus behind the new project, “you want to give back.” And when you’re Donatella, you do it with style. This past summer, the designer teamed up with the Art Unites program at the Whitney Museum of American Art in N.Y.C., where she met with dozens of youngsters who created pictures with a friendship theme on squares of canvas. Each of the resulting works of art (along with other submissions around the world) will be made into one-of-a-kind Versace totes and sold for $250 each, with proceeds benefitting Starlight Children’s Foundation and the Jet Li One Foundation. And of the over-1000 canvases that were submitted, two budding artists will have their works featured on the Versace runway this month! Click through for a sneak preview of the October cover, starring Janet Jackson, and enter to win $5,000 in Harper’s Bazaar’s Fabulous at Every Age contest by clicking here.

CLICK THROUGH TO SEE THE OCTOBER COVER!

Courtesy Harper’s Bazaar

Courtesy of Chanel

When we first learned that Lily Allen would be fronting Chanel’s next handbag campaign, we could hardly wait to see the images. Karl Lagerfeld’s edgy couture combined with Lily’s girly pop-star style was a fashion dream come true. The outcome? These playful images of an Audrey Hepburn-esque Lily sporting a bouffant updo, diamond tiara and a ruffled collar mixed with a plunging leather blazer, fingerless motorcycle gloves, wire-rimmed aviator shades, and of course, Chanel’s newest line of accessories “Coco Cocoon”. The line of luxury sporswear bags and accessories is the latest addition to the French label’s coveted handbag lines. Lily’s ads will hit fashion magazines in coordination with the launch of the Coco Cocoon line on October 3rd. Tell us: What do you think of Lily’s ads for Chanel?

CLICK THROUGH TO SEE ANOTHER IMAGE OF LILY!

Courtesy of Chanel

H&M

On the heels of Matthew Williamson’s boldly printed summer line, H&M has announced its next high-end collaboration with star-favorite accessories brand Jimmy Choo. The luxury shoe line, which is a red carpet favorite of stars like Kate Hudson, Vanessa Hudgens, Jessica Alba, Beyonce and more, will not only be creating a women’s and men’s collection of shoes, bags and accessories, but will be extending its range to a women’s clothing line. This marks the first designer accessory collaboration for H&M. Jimmy Choo for H&M will hit stores November 14, 2009 with shoe styles ranging from $60-$200– a steal compared to Jimmy Choo’s $500+ prices. So far, we love what we see. Tell us: Are you excited to see more of the Jimmy Choo for H&M line?

Courtesy of Ferragamo, inset: Jim Spellman/WireIma

Italian luxury designer Salvatore Ferragamo and stars like Jennifer Aniston, Madonna, Demi Moore, Gywneth Paltrow, Eva Longoria Parker, Marisa Tomei, Dita Von Teese, Lucy Liu and Debi Mazar are coming to the aid of the Italian town L’ Aquila that lost almost 300 people in a tragic earthquake in early April. The A-list stars are auctioning off autographed Ferragamo handbags to benefit GlobalGiving’s Italy Earthquake Relief and Recovery Fund. Bags on the eBay auction block include Aniston’s eco-friendly hobo, with her signature in hot pink ink on the inside natural hemp lining and a handwritten note from the actress herself. Bid on Jen’s bag and other personal Ferragamo bags from your favorite star at eBay.com until June 12th. You can also donate directly to the cause at globalgiving.com.

ANG/Fame

Chanel designer Karl Lagerfeld is as known for his signature white ponytail as he is for his innovative designs for the famous French fashion house. Oscar-winning actresses like Nicole Kidman and Keira Knightley have starred in Chanel’s sensual perfume ads, but when it comes to his celebrity pals he counts Mary- Kate and Ashley Olsen and Rihanna as his front row regulars. And his taste for quirky fashionistas is finally about cross over into print ads. A rep for Chanel confirms to PEOPLE.com that Karl has cast none other than Lily Allen as the star of his next handbag campaign! What made him pick the British pop star? “She’s fun,” WWD quotes Lagerfeld as saying. We can’t wait to see what these two have in store for the Chanel ads. Tell us: Are you excited to see Lily Allen star in Chanel’s handbag ads?

Soul Brother/FilmMagic

As if relaunching her jewelry line and adding lingerie and dresses to her fashion empire for spring weren’t enough, Jessica Simpson is set to release a luggage line for for fall 2009. A full line of luggage, travel bags and business cases made from leather, canvas and nylon in a wide range of styles will be produced by Olivet and hit stores under the Jessica Simpson Collection label this fall. Jessica has already proved her fashion designer status with her popular shoe and accessories line, so why not keep adding? Tell us: Will you use Jessica’s luggage to travel?

courtesy inauguralcollectibles.com

Designers like Zac Posen, Alexander Wang, Diane von Furstenberg, Beyonce and Tina Knowles, Rachel Roy and more all created “Change” inspired fashions before President-Elect Barack Obama was voted in. Now, just a few days before his official Inaguaration you can show your support for the President with their newest collection. The “Runway to Change” Inaguaration collection features T-shirts from Posen, House of Dereon, Donna Karan, Derek Lam, Narciso Rodriguez, Gerald Matthews and Roy, an Alexander Wang scarf and totes by Diane von Furstenberg and Tory Burch. Styles are available from now through February online at pic2009.inauguralcollectibles.com.

Janet Mayer/PR Photos

Joining the likes of star-favorite designers like Lela Rose, Stacey Bendet for Alice + Olivia, Patricia Fields and more, the Project Runway winner will lend his skills to a line for Payless, Christian Siriano for Payless. Siriano has inked a multi-season deal with the affordable retailer to produce his first stand-alone line of shoes and handbags. “I’m so excited to design and create with such an amazing brand that is all about fashion and trend but, most importantly, is also about affordability,” said Christian in a press statement. “I can’t wait to see how [Payless] will take the high-end shoes and bags I’m designing for the runway and turn them into pieces that everyone can buy. I’m all about the runway and the sidewalks!” Christian’s Payless collection will be unveiled at his runway show at New York Fashion Week next February and then exclusively available in Payless stores and Payless.com in fall ‘09 with price points expected to be in the $25 – $45 range. Tell us: Are you excited for Christian’s Payless line?

Dooney & Bourke

The Heroes star isn’t just saving the world from evil on TV — she’s helping to bring good design to your closet, too. Hayden Panettiere, who is Dooney & Bourke’s spokesmodel, has teamed up with the label’s designer Peter Dooney to create the perfect bag for Spring 09. Named after the star herself, the “Hayden Clutch” is made from Italian calfskin and fastened with a 24 carat gold plated lion head, inspired by her astrological sign the Leo. PEOPLE caught up the new handbag designer who told us she was part of the design process from the initial drawing to the lion’s head clasp. “Instead of putting my name on it, I put a lions head on it. It’s a way of representing me,” says Hayden. The clutch shape was also her idea. “I asked if I could design a clutch because it’s something that I’ve familiar with because I carry them around all of the time.” The bag will come in a variety of colors including blue, red, black, white, brown, hot pink (Hayden’s favorite) and purple. The Hayden Clutch, $295, will hit Dooney & Bourke stores nationwide in December. The Hayden Clutch isn’t the first bag by the young star. Hayden also lent her skill to the Hayden Bag, a large patent number, for the Fall 08 collection. Though her bags are a big hit, the star doesn’t have any desire to become a fashion designer. “I’m going to stick to acting. If I designed anything it would probably be something for myself, more of a personal thing. I’m not interested in becoming a designer.”Tell us: What do you think of the Hayden clutch? Will you buy one?

Christian Dior

When Dior first announced that their new “Lady Dior” ads would feature the Oscar-winning French actress Marion Cotillard, we couldn’t wait to see what they had in store. Now they’re giving us a preview of the first of four dramatic ads which won’t hit magazines until January. The print campaign, which is meant to evoke a cinematic feel, will feature the actress in a narrative of mystery and romance. In this first ad, Marion, dressed in Dior S/S 09, poses atop the Eiffel Tower clutching the timeless and classic “Lady Dior” bag. What could be better than the French actress and the Parisian landmark! We can’t wait to see the next three. Tell us: What do you think of Marion’s first Dior ad?

Charley Gallay/Getty

The Oscar-winning French actress can now add Christian Dior’s famous “Lady Dior” bag on the shelf next to her golden man. The French fashion house has selected Marion as the new face of their iconic bag, famously carried by the late Princess Diana. Ads featuring Marion will be hitting publications later this year. The actress is in good company — Monica Bellucci, Diane Kruger and Carla Bruni have all worn the bag in advertising for Dior. Tell us: What do you think of Marion Cotillard as the new face of the Dior “Lady” bag?”

Courtesy Target

Stars like Reese Witherspoon and Angelina Jolie love the British designer’s luxe bags, and now you can too — without the jaw dropping price tag. Anya Hindmarch is the latest luxury name to create a lower-priced accessory line for Target. Sticking to her popular hobo shape and chic patent materials, Anya’s Target line is just as fabulous as her department store one. Unlike the almost $2,000 price tag on her celeb favorite items, these handbags and clutches range from $20-$50 — now that’s a star steal! Shop Anya Hindmarch for Target now at target.com. Don’t wait, the purses sold out on the designer’s own website in a matter of minutes!

Juan Rico/Fame

A new Bravo show, The Rachel Zoe Project, is not the only thing Rachel Zoe has up her stylish sleeve. Between styling stars like Jennifer Garner, Cameron Diaz, Joy Bryant, Debra Messing and more, the stylist extraordinaire is planning her own handbag line. With two collections for Judith Leiber under her belt, Rachel is ready to give it a go on her own. Her vision for her line is to create something that encompasses her own personal style. “Anything I do will always have vintage inspiration,” Rachel tells PEOPLE. “It’s the music I love, the clothes I love, the accessories I love and the icons I love from that time period ['60s and '70s].” Currently, Rachel’s designs for Judith Leiber sell upwards of $800, but with her own line, that won’t be the case. “My number one goal is to bring a fantasy element to reality and make things affordable for people within any budget,” says Rachel, who counts London’s Topshop and H&M among her favorite places to shop. We can’t wait to get our hands on some of her deisgns. Products are expected in 2009, but no dates have been finalized. Tell us: Would you buy a bag by Rachel Zoe?

Alpha /Landov; courtesy Asos.com

The latest celebrity to try her hand in fashion design is Mischa Barton. The former O.C. star brings her signature quirky hippie style to a line of handbags designed exclusively for online retailer ASOS.com. The fourteen bag collection offers a variety of vintage-inspired styles from clutches to totes, with prices ranging from $43 for a clutch to $323 for a leather satchel. The bags even have their own signature emblem! Check out all Mischa’s bags at asos.com. We can definitely see the vintage-loving star wearing her own designs, but would you? Tell us: Would you buy one of Mischa’s bags?

Target

Don’t wait until the much coveted line hits Target stores this Saturday — get a head start and shop all the fabulous looks right now online! Designer Monica Botkier took some of the line’s most fashionable styles — think chain-link handles, studded details, metallic clutches– and combined them with Target’s unbelievably affordable prices. Think $20 for a clutch and $50 for a tote, instead of the line’s usual $500-plus price tags! We can’t wait to get our hands on the metallic wristlets (just $20) or the bold fuchsia hobo (only $40). Click here to shop the whole Botkier for Target line — now!

Michael Loccisano/FilmMagic; Venturini/Angelini/Bauer-Griffin

We’ve been stocking our wardrobes with Target’s designer collaborations like Loeffler Randall and Gryson, and a collective thrill just went through our office as we heard that the latest brands to join in on the fun are celeb-favorites Anya Hindmarch and Sigerson Morrison. Stars like Reese Witherspoon, Lucy Liu and Angelina Jolie can’t get enough of Hindmarch’s luxe bags — and now starting October 12th, so we will (at a lower price, of course). And we drooled over Naomi Watts’s innovative woven Sigerson Morrison sandals at a premiere last month — and we can look forward to similarly chic styles from the New York design team when their shoe line hits Target October 12. Images of the lines won’t be available until September, but don’t worry, we’ll definitely keep you posted! In the meantime, don’t miss the current Rogan for Target collection.

Pascal Le Segretain/Getty

The annual amfAR Cinema Against AIDS benefit kicked off in the hills high above Cannes yesterday. Last year, George Clooney auctioned off a kiss for $300,000, but this year Madonna’s alligator Chanel purse was the star of the show. The black alligator bag with a clasp studded with 334 diamonds was the actual purse she carried to the event, and that’s not all. She even gave up everything in the haute couture bag including Shu Uemura blotting paper, lip gloss — “It actually touched my lips”, Madonna noted — lip balm, a magnifying mirror, and throat lozenges. The only thing she took out was her blackberry and phone, explaining “I’m not going to give up my blackberry and phone because that’s too expensive for you.” The final winning bid? 300,000 euros — that’s over $471,000 — for AIDS research! Sorry George, looks like Madonna’s chic purse is worth more than your kiss. As Madonna joked, “That’s cheap. Everyone’s kissed George Clooney.” Check out a behind the scenes peek at the amfAR benefit, including Madonna’s auction and Sharon Stone’s welcome.
– Reporting by Courtney Rubin

Evan Agostini/AP

As if we weren’t already excited enough about the upcoming “Sex and the City” movie, one of our fave e-retailers, bagborroworsteal.com, has decided to get in on the action. From now until May 9, you can visit the site for a chance to win an all-expenses-paid trip to N.Y.C. for you and a friend to walk the red carpet and attend the premiere. Just submit a YouTube video of yourself that explains which Sex character’s style most resembles your own. Camera shy? You can also enter by taking Bag Borrow or Steal’s Purse-onality Quiz or by “borrowing” as much arm candy as you can during the promotion period. You’re this close to donning Manolo’s and drinking Cosmos in the Big Apple.