Image courtesy of Vogue.co.uk

The critically acclaimed, New York-based hip brand Phi have announced they will cease trading in the New Year. Although the label is adored by the likes of Vanessa Traina and Dree Hemingway, and is backed by Susan Dell, wife of computer giant Michael Dell, the company revealed the sad news this week and put it down to the current economic climate.

Read more after the jump

Brand: C'N'C Costume National

Model: Theodora Richards

Brand: Costume National

Model: Karmen Pedaru

Photographer: Glen Luchford

Image courtesy of NYmag

A catwalk trip or a garment malfunction is something that every model dreads, and although it even happens to the pros - including runway superstar Naomi Campbell - we could hardly blame Sasha Pivovarova, Abbey Lee Kershaw and Natasha Poly for turning down the Alexander McQueen Spring 2010 catwalk show after seeing those Alien shoes.

Abbey Lee decided not to tempt fate after an already unlucky stint on the catwalk, having fainted at McQueen's 2009 show due to her corset being too tight, and falling at the 2009 Rodarte show, followed by a potential stumble again at Rodarte last season which caused a knee injury serious enough for her to have to sit the rest of the season out. Lady Gaga may be able to shake her stuff in McQueen's creations, but we certainly don't blame the girls for playing it safe.

Image courtesy of Target

With the days until Christmas diminishing as we speak, there's no wonder that the Rodarte for Target collection is flying off the shelf - and the net - at lightning speeds. After launching on Sunday, many of the much-anticipated collection has sold out already, with some of the sought-after pieces finding themselves to eBay - like the Sequin Ribcage Print dress, which retailed at $50, and is being auctioned off for as much as $250.

Our favourite - the Crepe Slip Lace dress - has already sold out, and the Target website is running out of goodies as we speak, so if you want to grab yourself or even someone else something a little bit special in time for the festive season, grab your purse and get running, or clicking! Good luck ladies!

UK considers Photoshop regulations for ads [The Cut]

Eva Longoria is allergic to perfumes, but wants you to buy hers [WWD]

Anna Sui is supposedly a judge on the ANTM season finale [IsaacLikes]

Emma Watson wants to answer your questions [Stylewatch]

Richard Nicoll reflects on 2009 [Vogue UK]