Crystal Renn in L'Wren Scott

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Last night Valentino's Chateau De Wideville in Crespieres, France played host to the 'White Fairy Tale Love Ball' to support The Naked Heart Foundation. Natalia Vodianova was the centre of attention in a dramatic red Valentino gown with matching veil and guests also included Daphne Guinness, Carine Roitfeld, Riccardo Tisci, Anne Hathaway and Olivia Palermo.

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For the past few months rumours have been circulating speculating whether Dasha Zhukova will launch a new magazine and finally, Zhukova have confirmed that the reports are true.

Taking the name of her Moscow museum, the magazine will be called 'Garage' and is set to launch in September and will explore the former POP editor's love of art but with a strong fashion dimension. "It's going to be a girls' magazine," she said. "I have more ideas than I know what to do with. I guess I'm a bit of a fantasist and a daydreamer — all sorts of things come to me during the day."

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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.

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Karl Lagerfeld knows how to throw a party. Those who were lucky enough to be invited filled out the La Goulue restaurant on Tuesday evening, when Karl Lagerfeld announced the new ambassadors for his beauty program. The girls in question? Jen Brill, Poppy Delevigne, Vanessa Traina, Leigh Lezark and Caroline Sieber.

After the success of the evening, the owners quickly changed their mind and decided not to close it down as they had planned to. The lesson here? Don't underestimate the power of Uncle Karl.