Today's Headlines

February 01, 2011 BY CAPSULESNEWS

Tommy Launches Prep World: Tommy Hilfiger, who built a $1.9 billion empire on preppy clothing, has enlisted the queen of prep, Lisa Birnbach, author of “The Official Preppy Handbook” and “True Prep: It’s a Whole New Old World,” for his latest endeavor. Prep World, a capsule collection for women and men, will launch this spring with a global tour, featuring “drop-in shops” and events hosted by Hilfiger and Birnbach. (WWD)

Nigo sells A Bathing Ape to China’s I.T for $2.8million: I.T is aiming to increase its market share in street fashion in both Hong Kong and mainland China, where the appetite for A Bathing Ape's $75 T-shirts is growing as younger Chinese consumers look for edgier styles with an established brand. (WSJ)

J Crew Lawsuit Falls Apart: J.Crew Group Inc's $10m settlement with investors over the proposed buyout by TPG Capital and Leonard Green & Partners LP has disintegrated according to a lawyer for the shareholders, reported Bloomberg. J.Crew executives undermined a deal in which the retailer agreed to extend the period to solicit competing offers to the $3bn buyout bid. (Stylesight)

Charles Nolan Dies: Charles Nolan, a fashion designer who proudly wore his politics on his sleeve, and also on his runway, died Sunday at his home on the Upper West Side of Manhattan. He was 53. (NYT)

Clothes on Film: Has the sartorial reign of Mad Men ended, giving way to Boardwalk Empire? Clothes on Film gives us an Nucky-based argument for embracing your inner dandy. And while you’re at it, check out the controversy surrounding Black Swan and Rodarte. (Gilt MAN)

Gap brand president to leave: Marka Hansen, president of Gap Inc.'s namesake North American division, is leaving the apparel retailer this week following a choppy sales year and disappointing holiday season. (WSJ)